Nepal Life Insurance to issue 30.96 lakh unit FPO shares; 16th AGM on Jestha 7; to approve 25 % stock dividend

Nepal Life Insurance Company Limited (NLIC) will be convening its 16th Annual General Meeting (AGM) on Jestha 7, 2073. The AGM is going to be held at Hotel Viswa , Birgunj Parsa at 09:30 AM. Main agendas of the AGM are:

• To approve 25 percent bonus share and 1.3158 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• At present the promoter public ratio of NLIC stands at 80:20. To maintain at least 30% stake of public shareholders the company is issuing Further Public Offering (FPO) to convert promoter public shareholder structure to 70:30. To make the structure in the ratio 70:30, 30 percent   (30.96 lakh unit) shares to be floated to general public after bonus share is issued.
• To authorize BOD to complete the overall process related to the Further Public Offering (FPO).
• After issuing bonus share and floating 30 percent FPO to general public, to increase issued and paid up capital and amend article of association accordingly.
• To endorse expenses of donation.

  Other agendas of the AGM include financial highlights of 2071/72, election of 1 BOD member from public shareholder, appointment of auditor and to appoint members from promoter group in the vacant position. Only those shareholders owning shares till Baisakh 15, 2073 will be entitled to the 25 % bonus share of the company. The register of their shareholders will remain close from Baisakh 16, 2073 till Jestha 7, 2073 for the purpose of its upcoming AGM. Nepal Life Insurance earned net profit of Rs 14.39 crore in its second quarter of the fiscal year 2072/73. please click here for NLIC FPO news