Lumbini General Insurance AGM on April 10; 10.52 bonus shares in offing

ShareSansar, March 20:

Lumbini General Insurance Company Limited is holding its Annual General Meeting on April 10, which among other things, will endorse 10.52 percent bonus shares to the shareholders from the net profit the company posted in the last fiscal year 2069/70.

The bonus share is being pledged to raise the company’s paid-up to Rs 26.53 crore.

Issuing a notice today, the company has also announced the book closure for the proposed bonus shares on March 27.

The ninth AGM of the company to be held at Regency Banquet at Gyaneshwar, Kathmandu will also approve of a plan to shore up its issued capital to Rs 30 crore.

Lumbini General Insurance had posted a net profit of Rs 4.13 crore in the last fiscal year of 2069/70, and went on to register additional profit of Rs 77.3 lakh in the 1st quarter of the fiscal year 2070/71.

The AGM will also elect the directors from among the promoters.

It may also be noted that the company has closed the issuance of its 10:6.2 ratio right shares earlier in March.
 
Altogether 9.66 lakh issuance of the right shares of Rs 100 face value were floated on February 3.

It may also be noted that the insurance company had announced the book closure for the right shares on January 16.