Kathmandu: The promoter shareholders of Himalayan Life Insurance Company and Himalayan Re-insurance Company have applied to the Security Exchange Board of Nepal (SEBON) for the license of a new stock exchange. The name of the proposed stock exchange is ‘Himalayan Stock Exchange’.
The Shanker Group, Golchha Group, Deepak Bhatta, and Lucky Group each have a 15 percent stake in the proposed exchange.
Himalayan Life Insurance is the proposed name of the integrated business after the conclusion of the ongoing merger agreement among Union Life Insurance Co. Ltd., Prime Life Insurance Co. Ltd, and Gurans Life Insurance Co. Ltd. Apart from that the former president of Pashupati Murarka and Bhawani Rana.
As SEBON has stipulated that only institutional investors can hold the position of promoters in the new stock exchange. The minimum required paid-up capital of the news stock exchange is NPR 3 billion. Out of which 70 percent will be held by institutional investors, while 30 percent can be invested individually under the public shareholder’s group.
Applications for the new stock exchange can be submitted by next Sunday. If Sunday is a public holiday on the occasion of Eid, then the application can be submitted until Monday.
