Shikhar Insurance 13.62 lakh units FPO shares in SEBON pipeline

Shikhar Insurance Co. Ltd. (SICL) has been added in SEBON pipeline to seek approval for the issuance of 13,62,781 units FPO shares. It had proposed a per share price of Rs 1,620 (Rs 1,520 premium added to the par value of Rs 100). NIBL Capital Markets Limited has been appointed as the issue manager. SICL's 12th AGM conducted on December 23, 2016 had given the go-ahead to issue FPO shares to maintain its promoter-public shareholding structure at 60:40 from 70:30. SICL has earned Rs 18.01 crore net profit and Rs 75.83 crore in net premium in the second quarter of the ongoing fiscal year 2073/74. Its paid up capital after the capitalization of 60% bonus share for the FY 2072/73 stands at Rs 81.58 crore. After the FPO, its paid up will reach Rs 95.39 crore. Its reserve will increase by Rs 2.07 arba. Although SICL has proposed the FPO price of Rs 1,620 per share, its LTP has come down to Rs 1,600 as of today (February 14, 2017).