Last day to apply 50% right shares of Prabhu Insurance; Offer ends today

Existing shareholders have one more day to file for the 2:1 (50%) ratio right shares of  Prabhu Insurance Limited (PRIN). The non-life insurance company has been issuing right shares from Chaitra 30, 2073 and today is the closing day for the same. Prabhu Insurance is issuing a total of 19,25,078.81 unit right shares at the face value of Rs 100. The book closure date for 50% right issue had been set for Chaitra 6, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Chaitra 3, 2073 are eligible for the right shares. Prabhu Capital Limited is the issue manager for the right issue. After the adjustment of the rights shares, the insurance company’s total paid-up capital will reach Rs 57.75 crore from the existing Rs 38.50 crore. The company has authorized capital of Rs 1 arba. Interested shareholders can collect the application forms from Prabhu Capital, Durbarmarg, Kathmandu, and all branch office of Prabhu Bank. The application forms can also be downloaded from their respective websites. ICRA Nepal has assigned Grade 4+ to the right issue, indicating below average fundamentals. Prabhu Insurance has earned Rs 2.97 crore in the second quarter of the FY 2073/74. Its net earnings from premium has increased to Rs 22.25 crore up to the second quarter, an increment of only 3.5% as compared to the corresponding quarter last year. It had distributed 17% bonus share to its shareholders for the fiscal year 2072/73. Its last traded price (LTP) stands at Rs 1150 as on May 15, 2017.