Siddhartha Insurance announces 35% right shares; Paid up capital to reach Rs 86.60 crore

Siddhartha Insurance Limited (SIL) has decided to issue 35 percent right shares to its shareholders after issuance of 20 percent bonus share. The insurance company has already  proposed 20 percent bonus share. As per the notice published in Nepal Stock Exchange today, the 123rd BOD Meeting of the company held on Kartik 1, 2074 has decided to issue right shares to their shareholders after issuance of bonus share. However, the decision is subjected to approval from its upcoming 16th Annual General Meeting (AGM). Last year, SIL had issued 30% bonus share and 19.23% right shares to its shareholders. Siddhartha Insurance had earned Rs  22.13 crore in the fourth quarter of the fiscal year 2073/74. SIL has proposed the said bonus on its current paid up capital of Rs 53.45 crore including its recently floated 19.23% right share. After issuance of 20% bonus share, its paid up capital will reach Rs 64.15 crore and after issuance of  further 35% right share its capital will reach 86.60 crore. As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75 and SIL will meet the requirement after issuance of bonus and right share.