SEBON approves 60% right issue of NLG Insurance and Prudential Insurance; to issue more than 38 Lakh units each

SEBON appr...

NLG Insurance Company Limits (NLG) and Prudential Insurance Company Limited (PICL)’s right shares have been approved by Securities Board of Nepal (SEBON) in the latest list of right shares approved. Both the companies had proposed to float 60% right shares each.

NLG will be issuing 3,842,437.50 units at par to raise capital worth Rs.38.42 Crore. Laxmi Capital Market has been appointed as the issue manager. The company's paid-up capital as of 2075/76 end stood at Rs.64.04 Crore. Post adjustment of 10:6 rights issue, it will reach Rs.1.02 Arba meeting the capital mark.

Similarly, PLIC will be issuing 3,849,120 units at par to raise capital worth Rs.38.49 Crore. NMB Capital Limited has been appointed as the issue manager. After the issuance of the proposed right shares on its existing paid up capital of Rs.64.15 Crore, its paid-up value shall scale up to Rs.1.02 Arba thereby meeting the requirement set for the non-life insurance companies.