SEBON approves Sikhar Insurance FPO; FPO by third week of Mangsir at Rs 650 per unit

Shikhar Insurance is going to float is its FPO (Further Public Offering) by the third week of Mangsir. The insurance company will be floating 5,10,988 Kittas Shares to the general public. An official with SEBON said, “The FPO of Shikhar Insurance has received approval from SEBON.” NIBL Capital Markets Limited is the issue manager for the FPO issue. An official with NIBL Capital Markets Limited said, “The offer letter of the FPO will be published in the second week of Mangsir and the FPO will be floated by the third week of Mangsir.” Shikhar Insurance is going issue FPO issue to the general public and the issuance price is Rs 650 per units. The last traded price of Shikhar Insurance stands at Rs 857 on November 22, 2015. At present Promoter and ordinary shareholders share structure in the insurance company stands at 80:20 ratios. After the FPO promoter and ordinary shareholders share structure will be at 70:30 ratio. After issuing 20% bonus share from the net profit earned in the fiscal year 2069/70, the company's paid up capital has reached to Rs 35.76 crore. The company is yet to announce its dividend from the net profit of fiscal year 2071/72.