Kathmandu: A special general meeting of Himalayan Reinsurance Limited is scheduled to be held on June 10. A meeting of the company’s board of directors(BODs) held on May 16 had decided to hold a special meeting. The company has informed that the meeting will start at 2 pm at Hotel Aloft, Thamel, Kathmandu on June 10.
The meeting will pass a proposal to issue IPO at a premium to the public. Similarly, necessary amendments will be made in the MoA and AoA of the company and full authority for the same purpose will be delegated to the BODs to do so. If there is any instruction from the regulatory body to make any change, the BODs will have full authority to make necessary amendments and decision.
The company has an authorized capital of Rs.21 billion while the existing paid up capital is of Rs. 7 billion. The management has plan to issue IPO of Rs.3 billion and maintain a paid up capital of Rs.10 billion at first stage. It will make the promoters and general shareholders ratio 70:30.