NLG Insurance Company to postpone 60% right issue until further notice; decision comes after extension of lockdown

Thu, Apr 9, 2020 3:11 PM on Dividend, Bonus & Rights, Latest,

NLG Insurance Company Limited (NLG) has decided to delay its right issue due to the extended lockdown imposed by the government.

NLG Insurance Company (NLG) was issuing 60% right shares i.e. 3,842,437.50 units at par of Rs 100 to raise capital worth Rs.38.42 Crore. The issue was open from Falgun 22, 2076 to Chaitra 12, 2076. However, after the first week of lockdown was imposed, the company was been allowed to extend the right issue till Chaitra 27, 2076.

Since, the lockdown had been further extended, the company has now decided to wait for the situation to normalize before taking any decision regarding the issue.

The book closure date for the issue was on Magh 27, 2076. Laxmi Capital Market Limited has been appointed as the issue manager.

The company's paid-up capital as of 2075/76 end stood at Rs.64.04 Crore. Post adjustment of 10:6 rights issue, it will reach Rs.1.02 Arba meeting the capital mark.