Kathmandu: IME General Insurance Company has got approval from regulatory authority to issue right share. Beema Samiti, the regulator, has given nod to the proposal of right share issuance of IME General Insurance. The 23rd annual general meeting held on 12th Baisakh 2078, had approved the agenda of 40 percent right share issue.
After the approval from AGM,IME General had submitted application to Beema Samiti for approval. Beema Samiti has given the approval citing that the agenda has been passed by AGM.
Prior to this, the right share issue of Ajod Insurance Company was dismissed due to the threat of Beema Samiti. Mr. Surya Prasad Silwal, the Chairman of Beema Samiti, had taken the stand on a ground that insider trading made with the leakage of the agenda of right share issuance by the management of Ajod Insurance.
On this ground, there was doubt about the right share issuance of IME General Insurance too.
Now, IME General has to submit application to Stock Exchange Board of Nepal for the final nod before issuing the 40 per cent right share. IME General will issue right share of Rupees 463 millions. The total capital will reach Rupees 1.62 billion after adding the capital raised through right share.