Prudential Insurance starts distributing 8% bonus shares

ShareSansar, June 23:

Prudential Insurance Company Limited has started distributing certificates for the 8 percent bonus shares it had pledged to the shareholders from the net profit the company posted in the last fiscal year 2069/70.

The 12th Annual General Meeting of Prudential Insurance Company Limited a few weeks back had formally endorsed the bonus share and cash dividend to cover the tax on bonus shares to the shareholders.

The annual event held in Birgunj had also ratified a 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. 

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.