Kathmandu : Sanima Life Insurance Co. Ltd. has submitted application to Security Board of Nepal(SEBON) to issue initial public offering. The company has proposed to issue IPO worth Rupees 600 million. The company has received ‘CareNP IRTripleMinus’ under credit rating for IPO issuance by rating agency Care Rating Nepal. Credit rating is mandatory to issue IPO.
The company had started it’s commercial operation on 22/08/2078.
After the IPO, the total paid up capital will be Rupees 200 million. Currently, the company has 140 million paid up capital which only includes the capital investment made by it’s promoters. It’s authorized capital is Rs.300 million. Promoted by the group of Non Resident Nepalese, Sanima Bank Limited is the major promoter of this company.
As per the rules of SEBON, the company must conduct the annual general meeting for FY 75/76 before issuing IPO. Sanima Life has already declared it’s AGM date for FY 75/76. The AGM will be held on 23rd of Jestha 2078.
Prabhu Capital has been appointed as the IPO issue manager for Sanima Life. The major promoter of the Sanima Life Insurance is