Prime Life Insurance’s 11th AGM today; to endorse 12.5% bonus shares

Prime Life Insurance Limited (PLIC) will be conducting its 11^thAnnual General Meeting (AGM) today. The AGM is going to be held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 2:00 PM. The main agendas of the AGM are:

• To endorse 12.5% bonus shares and cash dividends (for tax purposes) to its shareholders from the profit of FY 2073/74.
• To increase issued and paid up capital.
• To amend the Memorandum of Association (MOA) and Articles of Association (AOA).
• To increase the meeting allowance of the Board of Directors.

Other agendas of the AGM include endorsement of financial highlights of the FY 2073/74 and appointment of the auditor for the FY 2074/745. The book closure date for the AGM had been set on Falgun 30, 2074. Thus, shareholders owning their shares one day ahead of the book closure i.e. till Falgun 29, 2074 are entitled for proposed dividends and for participation in the AGM. PLIC’s current paid up capital stands at Rs 61.02 crore with reserve of Rs 93.41 crore. PLIC has been issuing 97,63,200 units right shares in the ratio of 1:1.6 (160%) at face value of Rs 100 per share to its shareholders from Falgun 27, 2074. 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 has earned Rs 11.51 crore in the second quarter of the FY 2074/75. See the notice of AGM here