Kathmandu: IME Life Insurance Limited has appointed Citizen Investment Trust (CIT) to underwrite its upcoming initial public offerings(IPOs). IME Life mulls issuing a total of 1,20,00,000 shares with a premium of NPR 176 per share. The face value of IPOs will be NPR 276 per share.
With the successful subscription of the IPOs, a total of NPR 3.312 billion including share premium will be collected by IME Life. The company will raise NPR 2.112 billion funds for reserve from the IPOs issue.
A memorandum of understanding(MoU) has been signed between these two parties. CEO Kabi Phuyal on behalf of IME Life and Executive Director Raman Nepal on behalf of the CIT have signed and exchanged the MoU.
IME Life has approached the Security Exchange Board (SEBON) after receiving a nod from the Nepal Insurance Authority to issue IPOs at a premium. Dillema still prevails since SEBON.
IME Life has a paid-up capital of NPR 2.8 billion. It has an obligation to maintain at least NPR 5 billion paid-up capital to meet the regulatory requirement.
