Nepal Insurance 67th & 68th AGM on Bhadra 30, to endorse 5% bonus & 100% right shares

Nepal Insurance Company Limited (NICL) will be convening its 67^th and 68^th Annual General Meeting (AGM) on Bhadra 30, 2074. The AGM is going to be held at Russian Science and Cultural Center, Kamalpokhari, Kathmandu at 10.00 AM. The main agendas of the AGM are as follows:

1. To approve the financial statement of the FY 2071/72 and FY 2072/73.
2. To decide nomination of 3 board of directors from promoters shareholders group and 3 from public shareholders group.
3. To increase the authorized, issued and paid up capital and amend the Memorandum of Association (MOA) and Articles of Association (AOA) accordingly.
4. To endorse 5% bonus shares  and 100% right shares to its shareholders

Other main agendas of the AGM include financial highlights of FY 2071/72 and 2072/73, appointment of auditor and to approve Rs 5 lakh for the earthquake victim of FY 2071/72. The register of their shareholders will remain closed from Bhadra 16 to Bhadra 30, 2074 for the purpose of this AGM. Only those shares traded one day ahead of the book closure date i.e. within Bhadra 15, 2074 are eligible for bonus share and for participation in the AGM. A separate book closure notice will be published for the right shares. After 5% bonus shares, its paid up capital will reach Rs 30.19 crore from existing Rs 28.76 crore. And after issuance of 100% right shares, it will reach to Rs 60.40 crore. As per the capital plan submitted by NICL, it may also go into merger with other insurance company to meet the capital requirement of Rs 1 arba as per Insurance Board. NICL has earned Rs 11.20 crore in the fourth quarter of the FY 2073/74. Its LTP stood at Rs 1580 as of August 25, 2017.