Premier Insurance revises premium price of FPO shares; to float 6.59 lakh units at Rs 895 per unit

Premier Insurance Company Limited (PIC) has revised the premium price of further public offering (FPO) shares. Now, the company will be issuing FPO of 659,565 units at Rs. 895 per unit as per the new guideline set by Securities Board Of Nepal (SEBON). Earlier, the insurance company had amended its number of shares to 6,59,565 units shares at a premium price of Rs 1,004 As per the notice published in NEPSE today, the 229^th BOD meeting held yesterday had approved the following:

• Share price of Rs 895 (premium of Rs. 795 added to the par value of Rs. 100)
• To float 659,565 units shares at Rs. 895 for the general public.

NMB Capital has been appointed as the issue manager. PIC’s 23rd AGM held on December 29, 2016 had approved to issue FPO shares after the capitalization of 20% bonus. Premier Insurance has a paid up capital of Rs 44.85 after 20% bonus share. Its promoter-public shareholding ratio stands at 60:40. The company is floating FPO shares to make its promoter- public holdings at 51:49. Its paid up will reach Rs 51.44 crore after FPO shares.