Kathmandu: IME Life Insurance Company has obtained ”Care NP Triple B’ issuer rating from rating agency Care Rating Nepal for its proposed initial public offering. The company had to re applied for the credit rating as the validity of previous was over.
According to Care Rating Nepal, such rating indicates moderate security if financial obligations are met on time.
As the Insurance Board has instructed to raise Rs. 5 billion paid up capital by Chaitra 2079, IME Life has left no option except merger.. But it seems that IME Life is in a move to go for the merger only after issuing the IPO.
The current paid-up capital of the company is Rs. 1.4 billon. It has prepared to issue an IPO of Rs. 600 million rupees.
IME Group has 50.90 percent stake in IME Life. In which Chandra Prasad Dhakal has 16.16 percent, Hem Raj Dhakal has 16.16 percent, IME Bank has 14.29 percent and IME Limited has 4.29 percent stake.