Prabhu Life Insurance starts operation today; to issue IPO worth Rs 60 crore to general public
Thu, Dec 14, 2017 10:00 AM on Latest, Featured, Stock Market,
Prabhu Life Insurance Company Limited has formally begun its operation today. Mr. Chiranjibi Chapagain, Chairman of the Insurance Board inaugurated the formal operation of the company amid a function held today.
The insurance company is promoted by the prestigious Prabhu Group, Prabhu Bank, Shangri-La Development Bank and other esteemed corporate groups in Nepal. It aims to extend the insurance market to nooks and corners of the country.
Speaking at the event, Chairman Mr. Chapagain claimed that the financial sector of the nation has seen an exponential growth in the last decade and the Insurance Board has thereby issued new licences to number of insurance companies to tap into the same growing market. He further remarked that increase in Insurance companies means generation of new employment opportunities and further development of the insurance industry as a whole.
Mr. Ram Bahadur Pandey, the Chairman of the newly formed company claimed that his insurance company would give more priority to expand its services to the rural areas of the country. “We will focus not only the urban dwellers but also the local folks of the country. We will introduce the innovative insurance policies that would benefit even the rural farmers and the small traders and businessmen”, Mr. Pandey expressed in his address.
He further informed that Prabhu life Insurance Company has been established after the patience of 10 years and efforts of 9 months.
As per the press release published today, the insurance company has a paid up capital of Rs 2 arab out of which Rs 1.4 arab is the promoter share while the remaining Rs 60 crore is allocated for the public holding. The insurance company informed that it would soon issue the Initial Public Offering (IPO) for general public to raise Rs 60 crore capital.
Offered insurance Policies are:
1. Amulya Jeevan Beema
2. Samridha Jeevan Beema
Speaking at the event, Chairman Mr. Chapagain claimed that the financial sector of the nation has seen an exponential growth in the last decade and the Insurance Board has thereby issued new licences to number of insurance companies to tap into the same growing market. He further remarked that increase in Insurance companies means generation of new employment opportunities and further development of the insurance industry as a whole.
Mr. Ram Bahadur Pandey, the Chairman of the newly formed company claimed that his insurance company would give more priority to expand its services to the rural areas of the country. “We will focus not only the urban dwellers but also the local folks of the country. We will introduce the innovative insurance policies that would benefit even the rural farmers and the small traders and businessmen”, Mr. Pandey expressed in his address.
He further informed that Prabhu life Insurance Company has been established after the patience of 10 years and efforts of 9 months.
As per the press release published today, the insurance company has a paid up capital of Rs 2 arab out of which Rs 1.4 arab is the promoter share while the remaining Rs 60 crore is allocated for the public holding. The insurance company informed that it would soon issue the Initial Public Offering (IPO) for general public to raise Rs 60 crore capital.
Offered insurance Policies are:
1. Amulya Jeevan Beema
2. Samridha Jeevan Beema
