NECO Insurance to float 84.88% right shares from Falgun 14; book closure on Falgun 3

ShareSansar, February 8:

NECO Insurance Company Limited will float its much-awaited 1:0.848816 ratio right shares from Falgun 14.The company’s Annual General Meeting for the fiscal year 2069/70 had already endorsed the right shares. The right issue will last till Chaitra 18, 2071.

NECO Insurance is distributing 84.8816 percent right shares to meet the paid-up capital target of Rs 25 crore by the end of the current fiscal year, according to the company officials.

It may be noted that NECO Insurance has also announced the book closure for the right issue from Falgun 3.But only those shareholders who already hold the shares of the company till Magh 29 will be entitled to the right shares as Falgun 1 and 2 is a Friday and Saturday.

According to them the right shares will be given as per Rs 13.52 crore paid-up capital of the company, and the paid-up will rise to Rs 25 crore after adjusting right shares.

As per the audited financial statement of last fiscal year 2070/71, the company’s EPS is Rs 27.14 and its net worth per share is Rs 204.03.