Kathmandu. United Ajod Insurance will be issuing right shares to its shareholders from April 26.
The company will issue 100:10 right shares with a paid-up capital of Rs 2.31 billion. As per the agreement, the company will issue 23,10,000 units of right shares at a face value of Rs 100 each at a face value of Rs 23.10 crore.
The interested bidders can apply for the shares from ASBA licensed banks and financial institutions of Laxmi Sunrise Bank. The application for the right shares can be submitted till April 16, 2083.
The company had closed its book on March 30 to issue right shares. This means that shareholders who have remained in the company till February 28 (Friday, February 29 and Saturday, March 29) will be able to apply for the right shares of the company.
After the issuance of the right shares, the paid-up capital of the company will reach Rs 2.54 billion. As per the regulatory provision, a non-life insurance company should have a minimum paid-up capital of Rs 2.5 billion. Therefore, after the right issue, the paid-up capital of the company will be maintained as per the regulatory framework.
