Neco Insurance to issue 100% (32.40 lakh units) Right Share from Falgun 3; Offer closes on Chaitra 7

Neco Insurance Limited (NIL) will be issuing 1:1 (100%) right shares to its existing shareholders from Falgun 3, 2073. As per the notice published by the insurance company today, the rights issue will remain open for 35 days before closing on Chaitra 7, 2073. Neco Insurance Limited will be issuing a total of 32,40,436.32 unit right shares at the face value of Rs 100. The book closure date for 100% right share was set on Poush 14, 2073. Only the shares registered one trading day ahead of the book closure date i.e. Poush 13, 2073 were eligible for the right shares. NMB Capital Limited has been assigned as the issue manager for right share issue. Interested shareholders can collect the application forms from NMB Capital Limited, Naagpokhari, Kathmandu, from NMB Bank Limited and its branch offices. NIL had earned net profit of Rs 2.50 crore in the first quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 32.40 crore. After issuance of 100% right share, its paid up capital will reach to Rs 64.80 crore. Its Last Traded Price (LTP) stood at Rs 756 as on January 26, 2017.