April 11, 2019 | Investopaper
Securities Board of Nepal (SEBON) has approved a 300 percent right share of Everest Insurance on Chaitra 27, 2075. The insurance company is planning to issue 1:3 right share to its shareholders.
The company will issue 82,19,475 right share to its shareholders existing until the book close date. The right share amount is worth Rs. 82.19 crores.
Siddhartha Capital Limited will be the issue manager for the right of Everest Insurance.
The current paid up capital of the insurance stands at Rs. 27.40 crores. After the issue of the right share, the paid-up capital will reach Rs. 109.59 crores. It will meet the minimum paid-up capital requirement by non-life insurance of Rs. 100 crores.
Until the second quarter of 2075/76, Everest Insurance has collected a premium of Rs. 38.99 crores.