SEBON approves 166.67% right share of Himalayan General Insurance; paid up to reach Rs 1.02 arba

Himalayan General Insurance Company Limited (HGI) has been approved by SEBON today to issue 166.67% right shares to its shareholders. HGI will now be issuing 64,20,000 units right shares to be floated to its existing shareholders at par value of Rs 100 per share. NMB Capital Limited has been assigned as the issue manager. ICRA Nepal has assigned an “[ICRANP] IPO Grade 3” to this right issue, indicating average fundamentals. Himalayan General Insurance has earned net profit of Rs 8.05 crore in the third quarter of the fiscal year 2073/74 as per its unaudited report. Its paid up capital remains at Rs 38.52 crore. After the issuance of 166.67% right share, the paid up capital will rise to Rs 1.02 arba—thereby meeting Insurance Board’s directive for all non-life insurance companies to increase their paid up capital to a minimum of Rs 1 arba by the end of Ashad, 2075.