Promoter Shares of Gurans Life Insurance (GLICL) Converted; What's the New Shareholding Ratio?

19,75,584.6 units promoter shares of Gurans Life Insurance Company Limited (GLICL) are now converted to ordinary shares.

The letter of the Beema Samiti dated Ashar 14 approved the share conversion of the company to 60: 40. The 6th AGM of the insurance company had endorsed a special agenda to convert the shareholding ratio to 51: 49 from the pre-existing 70: 30. However, Beema Samiti has only given approval for conversion to 60: 40 for now.

Promoters who are not willing to convert the shares were allowed to submit a self-declaration letter within 7 days of the company's notice to defy the decision. As of writing, the ordinary shares of the company have an LTP of Rs. 797.