SEBON approves to issue 50% right shares of Neco Insurance

Securities Board of Nepal (SEBON) has given final approval to issue 50% right shares of Neco Insurance Company Limited (NIL). Now, NIL will be issuing 39.21 lakh units right shares worth Rs 39.21 crore to its existing shareholders at a face value of Rs 100 per share. NMB Capital Limited has been assigned as the issue manager for right share issue. Its paid up capital will reach to Rs 1.17 arba after 50% right share adjustment from existing Rs 78.41 crore. It had posted net profit of Rs 3.61 crore in the first quarter of the FY 2074/75. Its LTP stood at Rs 862 as of last trading day.