SEBON Records Ajod's (AIL) Proposal for Conversion of Share Structure Ratio
Sun, May 21, 2023 2:02 PM on Latest, Stock Market,
The Securities Board of Nepal (SEBON) has recorded Ajod Insurance Limited's (AIL) conversion of share structure ratio (51: 49).
Today, SEBON issued a press release to notify the aforementioned.
It stated that in line with a request submitted by AIL on Baisakh 31, to convert their existing share structure.
The company has 1,00,00,000 share units listed in the market. Based on the new conversion ratio, the company maintains a share structure in the ratio 51:49. (i.e., 51 % shares for promoter and remaining 49 % for general public).
Following the adjustment in the share structure, 51,00,000 unit shares will be owned by the promoters of the company while, the remaining 49,00,000 will be under the ownership of the general public.
Earlier, the final merger agreement between United Insurance Company (Nepal) Limited (UIC) and Ajod Insurance Limited (AIL) had been completed and passed which was later endorsed by respective SGMs of both the companies.
As per the initial merger agreement, it had been agreed that the swap ratio between UIC and AIL will be 100:90, implying that the number of shares of AIL shareholders will decrease by 10% in the newly merged company. Likewise, the name of the company formed after the merger was fixed to be United Ajod Insurance.
