Premier Insurance amends the quantity of FPO shares

Premier Insurance has corrected the number of shares it is going to float as FPO at a premium price of Rs 1,004 (Rs 904 added to a par value of Rs 100). As per the notice published in NEPSE today, the correct quantity of the shares is 6,59,565 units. The insurance company has also committed to fully disclose the reason if its forecasted financial statements shows a difference of more than 20%. PIC’s 23rd AGM held on December 29, 2016 had given the go-ahead to float FPO shares after the capitalization of 20% bonus. PIC has a paid up capital of Rs 44.85 after 20% bonus share. Its promoter-public shareholding ratio stands at 60:40. After the FPO, the promoter-public shareholding structure will be 52.31:47.69. Its paid up will reach Rs 51.8 crore and reserve will grow by Rs 59.62 crore.