Union Life Insurance Company issuing 64.50 lakh units IPO share to general public from Ashad 24
Wed, Jun 30, 2021 12:18 PM on IPO/FPO News, Stock Market, Latest,
Union Life Insurance Company Limited will be issuing 64,50,000 units worth Rs 64.50 crore as Initial Public Offering to the general public from (Ashad 24-28, 2078). The early closing date of this issue is on Ashad 28 and if the issue is not fully subscribed till Ashad 28, then it can be extended up to Shrawan 7, 2078.
Out of the offered 64,50,000 units; 5% of the total offered shares to the general public i.e. 3,22,500 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e.3,22,500 units have been set aside for the mutual funds. The remaining 58,05,000 units are for the general public.
Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance.
Applications can be placed for a minimum of 10 units and a maximum of 32,250 units.
After the issuance of 64,50,000 units worth Rs 64.50 crore IPO shares the general public i.e 30% of total capital which will together raise its paid-up capital to Rs 2.15 Arba and the promoter/public ratio will be 70:30.
ICRA Nepal has assigned the issuer rating of [ICRANP-IR] BBB (pronounced ICRA NP Issuer Rating triple B) to Union Life Insurance Company Limited (ULICL). Issuers with this rating are considered to have a moderate degree of safety regarding timely servicing of financial obligations.
Union Life Insurance Company Limited (ULICL) is a public limited life insurance company (LIC), operating since July 2017. Its head office is in New Baneswor, Kathmandu. The company has an equity investment of multiple business houses in Nepal such as Jagadamba group, Golchha Organization, Gadiya group, Neupane group, Rajesh Hardware group & Tibrewala Group.
As of mid-July 2020, the major shareholders of ULICL include, Mr. Shekhar Golcha (~19.9%), Mr. Sahil Agrawal (~19.9%) Mr. Sulav Agrawal (~18%), Mr. Sandip Kumar Agrawal (~6.6%), Mr. Rahul Kumar Agrawal (~6.6%), and Mr. Sharad Kumar Tibrewala (~6.6%) among others.
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