Union Life Insurance to float 64.50 lakh units IPO shares; Nepal SBI Merchant Banking appointed issue manager
Thu, Jan 4, 2018 6:41 PM on Latest, IPO/FPO News, Featured, Stock Market,
Union Life Insurance Company Limited has appointed Nepal SBI Merchant Banking Limited as the issue manager to issue 64.50 lakh units shares as part of its Initial Public Offering (IPO). The agreement was held today at Union Life’s Head Office in New Baneshwor, Kathmandu.
The agreement was signed by Mr. Manoj Kumar Lal Karn, CEO of Union Life and Mr. Ramesh Ghimire, CEO of Nepal SBI Merchant Banking Ltd. The IPO worth Rs 64.50 crore will be issued at face value of Rs 100 per share to the general public.
Union Life Insurance Company currently has paid-up capital of Rs 1.50 arba. After the IPO, its paid-up capital will reach Rs 2.15 arba with promoter-general public shareholding structure at 70%-30%. It has posted net profit of Rs 3.80 crore in the first quarter of ongoing fiscal year 2074/75.
The agreement was signed by Mr. Manoj Kumar Lal Karn, CEO of Union Life and Mr. Ramesh Ghimire, CEO of Nepal SBI Merchant Banking Ltd. The IPO worth Rs 64.50 crore will be issued at face value of Rs 100 per share to the general public.
Union Life Insurance Company currently has paid-up capital of Rs 1.50 arba. After the IPO, its paid-up capital will reach Rs 2.15 arba with promoter-general public shareholding structure at 70%-30%. It has posted net profit of Rs 3.80 crore in the first quarter of ongoing fiscal year 2074/75.
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