Shikhar Insurance FPO to be floated by Mangsir at Rs 650 per kitta

Shikhar Insurance Co. Limited is going to float its FPO (Further Public Offering) by Mangsir, 2072. The insurance company will be floating 5,10,988 Kittas shares to the general public. NIBL Capital Markets Limited is the issue manager for the FPO issue. Mr. Mekh Bahadur Thapa, General Manager of NIBL Capital Markets Limited said, “Shikhar Insurance is going issue FPO to the general public at Rs 650 per units." The FPO is in the pipeline for approval in Securities Board of Nepal (SEBON). The FPO will be floated within 15 days after its gets approval from SEBON, Thapa added. Ambika Prashad Giri, an officer of SEBON said, " It will take at least 2 more weeks for the review of FPO of Shikhar Insurance to complete." The FPO of Shikhar Insurance could be issued by the month of Mangsir. 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. The insurance company has a paid up capital of Rs 29.75 crore. Its last trading price at NEPSE stands at Rs 870 as on October 29, 2015.