SEBON approves 80% right share issuance of IME General Insurance; Paid up capital to reach Rs 97.20 crore
Wed, Jun 20, 2018 6:34 AM on Dividend, Bonus & Rights, Latest, Stock Market,
SEBON has provided approval to IME General Insurance Limited (IGI) to issue 80% right shares to its shareholders.
The insurance company will be issuing 43.20 lakh unit right shares to its shareholders.
Global IME Capital has been appointed as the issue manager for the right issue.
The current paid up capital of the company is Rs 54 crore. After the adjustment of 10:8 right shares, the paid-up capital of the insurance company will reach Rs 97.20 crore. IGI will have to further increase its capital by Rs 2.80 crore to meet the minimum requirement of Rs 1 arba.
It has reported net profit of Rs 8.23 crore for the third quarter of the current fiscal year. Its LTP stood at Rs 895 as of yesterday.
