Himalayan Re is expected to be operational within 15 July

Kathmandu: Himalayan Re-Insurance, licensed by the Beema Samiti, is preparing to inaugurate the new reinsurance by 15 June 2021. The company is preparing to begin the reinsurance service within the current FY. The regulatory authority Beema Samiti has directed the promoter to raise Rs. 7 billion within 45 days.

We are preparing to inaugurate within 15 June, said Pashupati Murarka, one of the major promoter of the company and former president of the Federation of Nepalese Chambers of Commerce and Industry(FNCCI).

Beema Samiti had issued the license to Himalayan on 31May. After receiving the license from the committee, the company had registered the company in the office of the company on 6 June 2021.

The company has stated that the paid up capital will be Rs 10 billion. Out of Rs 10 billion, Rs 7 billion will have to be issued by the major promoters and the remaining Rs. 3 billion will be raised through IPO.

Along with raising capital, the company is also preparing the infrastructure required for the operation of the company. From setting up the office to recruiting the required manpower, the work is moving forward. Shekhar Golchha is the Chairman of BOD of Himalayan Re. He is the president FNCCI.

The company will be able to issue primary shares in the fiscal year 2079/2080 if it commences business by 15 July 2021. For the issuance of primary shares, the company has to conduct an audit from mid June to mid July of a FY. Even if it is inaugurated on 16 July, the company must prepare an audit report for the next fiscal year for the issue of primary shares. Therefore, the company is preparing to start business in reinsurance by 15 July with the permission of Beema Samiti.

Immediate past president of FNCCI Mrs. Bhawani Rana, Satish More of Lucky Group, Shahil Agrawal and Sulabh Agrawal of Shankar Group, K.L. Dugad Group, Vivek Dugad of M.V. Dugad Group, Rohit Gupta of Lucky Group are among the major promoters. Similarly, two government banks Rastriya Banijya Bank and Nepal Bank have also made commitment for investment. Sahil and Sulabh Agrawal of Shankar Group have leading shares. It also includes investments by Deepak Bhatta brother of Sushil Bhatta CEO of the Board of Investment.

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