Surya Life Insurance adds its 10:4 right shares into SEBON's pipeline

Securities Board of Nepal (SEBON) has added the proposed 10:4 right shares of surya Life Insurance Co Limited (SLICL) into its pipeline. The life insurance company has proposed 28,87,500 units of right shares worth of Rs. 28.87 crore to its existing share holders. The life insurance company has appointed NIC Asia Capital Limited as the issue manager for issuance of the proposed shares. The current paid-up capital of SLICL stands at Rs 72.18 crore and has posted net profit of Rs 5.22 crore in Q1 of the FY 2074/75. After the capitalization of proposed 28.87 lakh unit right shares, the paid-up capital of the insurance company will reach Rs 101.05 crore. As per Insurance Board’s directive for all life insurance companies to increase their paid-up capital to a minimum of Rs 2 arba by the end of FY 2074/75, SLICL further needs to hike its capital by around 99 %. The insurance company is expected to meet the deficit of Rs 99 crore paid-up capital by raising further bonus and right shares to its shareholders.