Kathmandu: The fifth annual general meeting(AGM) of the Reliable Nepal Life Insurance Company has passed the agenda of initial public offering(IPO). The AGM concluded today has passed the proposal to issue IPO to raise additional 30 percent of the total paid-up capital.
The existing paid-up capital of the company is Rs. 2.8 billion. The company expects to raise Rs. 1.2 billion from IPO. After the IPO, the paid-up capital will reach Rs. 4 billion. The company will need additional Rs. 1 billion to meet the regulatory paid-up capital requirement.
The AGM discussed and passed the balance sheet for the FY 2077-78 with the auditor’s report and the profit and loss account for the financial year along with the cash flow statement. Likewise, the assembly has also passed the agenda for the appointment of the auditor for the financial year 2078-79 and fixing his remuneration. The company said that the current auditor is eligible for re-appointment.