Kathmandu: The Securities Exchange Board of Nepal (SEBON) has given permission to two non-life insurance companies to issue right shares. A meeting of the Securities and Exchange Board held yesterday has given permission to Shikhar Insurance Company and IME General Insurance Company to issue right shares.
Shikhar and IME General have received permission from the board to issue right shares worth Rs. 527.5 million and Rs 463 million respectively. Apart from these two companies, the Insurance Board has announced that no more insurance companies will be allowed to right shares during current fiscal year.
The IB had instructed the company not to forward the proposal of right share issue in the current FY. The regulatory authority has instructed all insurers to give priority to bonus share against any dividend payable to the shareholders.