Asian Life Insurance book close tomorrow; 60% right on the way
March 5, 2019 | Investopaper
Asian Life Insurance Company Limited (ALICL) book closure date for its 1:0.6 (60%) right shares issue is on Falgun 22, 2075.
The investors who purchase the shares till today (Falgun 21, 2075) will be eligible to apply for the right shares of the life insurance. Therefore, today is the last day to buy shares of Asian life insurance if you want to participate in the 60% right share offering.
The company will issue the right shares in the ratio of 1:0.6 or 60% at par value of Rs.100. The total units of right shares to be issued is 7,540,352.73. This is worth Rs.75.40 Crore.
The company is issuing the right shares in order to meet the minimum paid-up capital requirement of Rs. 2 Arba for Life insurance companies.
The current paid up capital of the company is Rs.1.25 Arba. After the right issue, the paid-up capital will reach Rs.2 Arba.
NIBL Ace Capital Limited is the issue manager for the right issue.
As of unaudited second-quarter report, the insurance has a reserve of Rs. 26.34 crores. The life insurance fund of the company is Rs. 15 Arab. The long term and short term investment are Rs. 13.87 Arab and Rs. 41.76 crores.
The net premium collection and net claim paid until second quarter are Rs. 1.73 Arab and Rs. 15 crores respectively. The net profit is Rs. 2.89 crores, EPS stands at Rs. 4.69 and net-worth per share is Rs. 120.96 as of unaudited 2nd quarter of F.Y. 2075/76.
