Kathmandu. United Ajod Insurance has received permission from the Securities Board of Nepal (SEBON) to issue right shares.
The Securities Board of Nepal (SEBON) has granted permission to United Ajod Insurance to issue 10 percent right shares in the ratio of 100:10 of its existing paid-up capital. The company will issue 23,10,000 units of right shares at a face value of Rs 100 each to its shareholders.
Laxmi Sunrise Capital has been appointed as the issue manager for the right shares.
Presently, the company has paid-up capital of Rs 2.54 billion. After the issuance of the right shares, the paid-up capital of the company will stand at 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.
