Nepal Insurance’s 100% right share added in SEBON pipeline for approval

Nepal Insurance Company Limited (NICL) has been added in Securities Board of Nepal (SEBON) pipeline to request approval for the issuance of 1:1 (100%) right shares. Nepal Insurance’s AGM held on Bhadra 30, 2074 had approved to issue 100 percent right share to its shareholders. NICL is seeking approval to issue 30,19,886.10 units shares to be floated a face value of Rs 100 per share. NIBL Capital Markets Limited has been appointed as the issue manager. Its paid up capital will reach to Rs 60.40 crore after adjustment of 100% right shares from existing Rs 30.19 crore. To meet the capital requirement of Rs 1 arba till Ashad 2075, it should further hike its capital by Rs 39.60 crore (around 65.55%). NICL has earned Rs 2.65 crore in the first quarter of the FY 2074/75. Its LTP stood at Rs 1,450 as of August 25, 2017.