Kathmandu: After the successful merger between Himalayan General and Everest Insurance, the shares of Himalayan Everest Insurance(HEI) Company have been listed in the secondary market for trading. Former insurance companies, Himalayan General Insurance and Everest Insurance Company merged in a swap ratio of 0.85.
After the merger, the integrated business has also started since 17 July 2022. According to Nepal Stock Exchange(NEPSE) 2,23,99,367 shares have been listed in the secondary market in the name of Himalyan Everest Insurance Company Limited formed after the merger. According to NEPSE, it has been listed today so that it can be traded in the Nepal Stock Exchange as per the Securities Listing Regulations 2075.
Along with the listed shares, 1,06,64,275 shares of the former Everest Insurance Company were canceled and listed in the name of the former Himalayan General Insurance Company i.e. Himalayan Everest Insurance Company after the merger.
Now the shareholders of both companies can trade their shares in the secondary market from Wednesday. This is the first successful merger in the insurance sector. The first transaction in the secondary market after the successful merger will also be historic. NEPSE has set an opening range of Rs. 510.48 for the first transaction after the merger.