Nepal Reinsurance Company receives approval to decrease capital; paves way for IPO issuance worth Rs.1.60 Arba

Nepal Reinsurance Company Limited has received approval from the court to decrease its capital. Patan High court has authorized the company to decrease their capital as requested; where the CEO of the company Mr. Damodar Bhandari had applied for the same.

After the ruling of the court, the authorized capital of the company stands at Rs.15 Arba while the issued and paid up capital stands at Rs.10 Arba. The company will issue an IPO worth Rs.1.60 Arba through issue of 1.60 Crore units of shares at par value of Rs.100 each. The current paid up capital of the company stands at Rs.8.40 Arba.

Securities Exchange Board of Nepal (SEBON) had added proposed IPO issue of Nepal Re-Insurance Company Limited under preliminary review in the month of Bhadra. RBB Merchant Banking Limited has been appointed as the issue manager for the proposed IPO issuance.

ICRA Nepal Limited has assigned a [ICRANP] IPO Grade 2 to the Rs.1.60 Arba Initial Public Offer of Nepal Re-Insurance Company Limited. Instruments with this grading are considered to have above-average fundamentals.