Kathmandu: Prabhu Life Insurance(PLI) has called a special general meeting(SGM) of the company to pass the proposal for a capital increase. The meeting is scheduled to be held on July 7 at Amrapali Banquet in Bhatbhateni, Kathmandu.
Prabhu Life Insurance is increasing its capital to meet the regulatory requirement. For this the meeting will pass a special resolution to increase the authorized and issued capital of the company. The meeting also has a special agenda including empowering the board of directors to decide whether to merge or acquire any other life insurance.
For the purpose of the SGM, the insurance company has stated that it will close the book on the same day. Accordingly, only the existing shareholders will be able to participate in the SGM.
It has an authorized and paid-up capital of Rs.2 billion. As per the new provision, the minimum paid-up capital must be Rs.5 billion for life insurance companies.