Issue of 8.62 lakh units (19.23%) right shares by Siddhartha Insurance Limited from today; Offer ends on Jestha 31

Siddhartha Insurance Limited (SIL) is issuing 8,62,125 units right shares to its shareholders from today (Baisakh 28, 2074). The issue will last for 35 days before closing on Jestha 31, 2074. The book closure date for right issue was on Baisakh 17, 2074. Only those shareholders holding shares traded one trading day ahead of the book closure date i.e. until Baisakh 14, 2074 are eligible to apply for the right shares. Laxmi Capital Market Limited has been assigned as the issue manager for the right share issue of SIL. SIL’s paid up capital currently stands at Rs 44.83 crore. After the issuance of right shares, its paid up capital will reach Rs 53.45 crore. It has an authorized capital of Rs 1 arba. Siddhartha Insurance had earned net profit of Rs 8.33 crore in the second quarter of the FY 2073/74. As per Insurance Board’s directive for all non-life insurance companies to hike their capital to a minimum of Rs 1 arba by Ashad 2075, SIL will need to increase its capital by further Rs 46.55 crore (around 88%).