NB Insurance to issue 100% (27 lakh units) Right Share from Ashad 5; Offer ends on Shrawan 9

NB Insurance Company Limited (NBIL) will be issuing 1:1 (100%) right shares to its existing shareholders from Ashad 5, 2074. According to the notice published by the insurance company today, the right issue will remain open for 35 days before closing on Shrawan 9, 2074. NB Insurance will be issuing a total of 27,00,000 unit right shares at the face value of Rs 100. The book closure date for 100% right issue was set for Jestha 4, 2074 for one day. Only the shares registered one day ahead of the book closure date i.e. Jestha 3, 2074 are eligible for the right shares. Global IME Capital Limited has been assigned as the issue manager for the right issue. Interested shareholders can collect the application forms from Global IME Capital, Jamal, Kathmandu and from all branch offices of NB Insurance. After the adjustment of the rights shares, the non-life insurance company’s total paid-up capital will reach Rs 54 crore from existing Rs 27 crore. The bank has authorized capital of Rs 1 arba. Its public-promoter share structure stands at 80:20 ratio. As per Insurance Board’s recent directive for all non-life insurance companies to increase their paid up capital to a minimum of Rs 1 arba by the end of FY 2074/75, NBIL will need to issue a further capital hike of Rs 46 crore (around 86%). NBIL has earned net profit of 6.20 crore in the third quarter of the FY 2073/74.