Prime Life Insurance issuing 160% (97.63 lakh units) right shares from today; Offer ends on Baisakh 2

Prime Life Insurance Company Limited (PLIC) is issuing 1:1.6 (160%) right share to its shareholders from today (Falgun 27, 2074). The rights issue will remain open for 35 days before closing on Baisakh 2, 2075. The book closure date for the rights issue was set on Falgun 17, 2074. Only those shares registered one trading day ahead of the book closure date i.e. till Falgun 16 are eligible to apply for the right shares. PLIC is issuing 97,63,200 units right shares worth Rs 97.63 crore to its existing shareholders at a face value of Rs 100 per share. Securities Board of Nepal (SEBON) had given final approval to issue 160% right shares of Prime Life Insurance Company Limited (PLIC) on Magh 28, 2074. Siddhartha Capital Limited has been assigned as the issue manager for right share issue. Interested applicants can collect application forms from Siddhartha Capital Limited, Naxal, Kathmandu and from designated branches of Siddhartha Bank and PLIC. Also, applicants can submit right shares via online from the ASBA approved banks and financial institutions (BFIs) where they have open their bank account. Its paid up capital will reach to Rs 1.78 arba after 160% right share and 12.50% bonus shares adjustment from existing Rs 61.02 crore. To meet the capital requirement of Rs 2 arba till the end of Ashad 2075, it should further hike its capital by Rs 22 crore (around 12 %). PLIC will be conducting its 11^thAnnual General Meeting (AGM) on Chaitra 14, 2074. The AGM is going to be held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 2:00 PM. It had posted net profit of Rs 11.51 crore in the second quarter of the FY 2074/75. Its LTP stood at Rs 650 as of last trading day. See the notice here