Prudential Insurance endorses 8% bonus share, 5:1 right issue

ShareSansar, June 1:

The 12th Annual General Meeting of Prudential Insurance Company Limited has formally endorsed 8 percent bonus share and cash dividend to cover the tax on bonus shares to the shareholders from the net profit the company posted in the last fiscal year 2069/70.

The annual event held at Hotel Vishwa in Birgunj on Friday also ratify another special proposal to distribute another 20 percent (5:1) right shares after calculating the bonus shares, according to one of Prudential’s directors Bishnu Bhandari.

He informed that the company’s paid-up capital will rise to Rs 27 crore after the distribution of bonus shares.

The AGM also endorsed a plan proposed by the company management to shore up the authorized capital to Rs 50 crore and paid-up capital to Rs 32 crore, and also appoint an auditor to conduct MoU and DDA for merger with other insurance company.

It also approved of the appointment of directors from Class B promoters.

The AGM further approve of Rs 5 lakh to be distributed to the flood victims of the Far-western region of the country.

By the end of the third quarter of the current fiscal year, Prudential Insurance has reported 8.22 percent increase in its net profit.

The company’s EPS currently stands at Rs 12.13; net worth per share is priced at Rs. 154.54 and the P/E ratio is 32.72.