Gurans Life Insurance To Close 1:1 Right From Shrawan 4

July 19, 2020 | Investopaper

Gurans Life Insurance will close the 100 percent right share to its shareholders from Shrawan 4, 2077. The issue was open from Ashad 14, 2077.

Previously, the insurance company was going to issue 1:1 right share from Chaitra 20, 2076. Under normal circumstances, the right issue was to remain open until Baisakh 10, 2077.

However, Gurans Life Insurance postponed the right issue due to nationwide lockdown enforced by Nepal Government as a preventive measures against the COVID-19 outbreak.

For the purpose of the right issue, shareholders’ registration book was closed on Falgun 22, 2076. Hence, the investors holding or purchasing the shares until Falgun 21 are eligible to buy the right share.

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After receiving approval from the Securities Board on Magh 21, the company is going to float 100 percent right share to its shareholders. The insurance had submitted the application to Sebon on Bhadra 22, 2076. The company will issue 93,85,200 right share units worth Rs. 93.85 crores.

ICRA Nepal has provided ‘IPO Grade 4+’ ratings to the right issue indicating below average fundamentals.

NMB Capital Limited is appointed for the right issue of Gurans Life Insurance.

Before this, the company had already issued a 50 percent right share from Chaitra 28, 2075 to Jestha 1, 2076.

Currently, the paid-up capital stands at Rs. 93.85 crores. After the 100 percent right issue, the capital will grow to Rs. 187.70 crores.

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