Surya Life Insurance proposes 10% bonus share & 40% right for FY 2072/73; Paid up to reach 1.01 arba

  Surya Life Insurance Company Limited (SLICL) has proposed 10% stock dividend (bonus share) to its shareholders for the FY 2072/73 and a further 40% right share after issuance of bonus shares. As per the notice published in NEPSE today, the BOD meeting of the company held on Baisakh 13, 2074 has decided to propose 10% stock dividend and cash dividend worth Rs. 34,53,947 (for tax purpose) along with right share after the bonus share in the ratio of 10:4 to its shareholders. This decision is subject to the approval from Insurance Board and its upcoming AGM. Its paid up capital currently stands at Rs 62.50 crore. It is conducting its AGM for the FY 2071/72 today which is endorsing 5% bonus share. After issuance of 5% bonus share, its paid up capital will reach Rs 65.62 crore. Similarly, after the issuance of the proposed 10% bonus share and 40% right share, its paid up capital will reach Rs 1.01 arba. 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 will need to issue a further capital hike of around Rs 99 crore (98%). SLICL has reported a net loss of Rs 1.78 crore in the second quarter of the current FY 2073/74.