February 22, 2021 | Investopaper
Jyoti Life Insurance Company Limited is planning to sell shares to the general public. Securities Board Of Nepal (SEBON) has provided the approval for the issuance of shares on Falgun 7, 2077 BS. The company had submitted the application to SEBON on Mangsir 19, 2077 BS for public offering. In order to issue shares to the public, the company needs permission from Sebon.
After the Sebon approval, the company will now issue 66 lakh unit shares in the Initial Public Offering (IPO). At a face value of Rs 100, the public issue size amounts to Rs 66 crores.
After the IPO, the general public will posses 30 percent shares in the companies. Likewise, the promoters will hold the remaining 70 percent ownership.
NMB Capital Limited is the issue manager for the public offering.
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About Jyoti Life Insurance Company
Jyoti Life Insurance is one of the newly established life insurance company of Nepal. It was established on 2074 BS. Before the IPO issue, Jyoti Life Insurance has a paid-up capital of Rs 154 crores. The capital will rise to Rs 220 crores after the public offering. Life insurance companies should the minimum paid-up capital of Rs 200 crores, as per the directive of Beema Samiti.
In the fiscal year 2076/77, Jyoti Life Insurance has collected a total premium of Rs 1.89 Arba. The company generated a net profit of Rs 11.93 crores during this period. [As per the unaudited fourth quarterly report FY 2076/77].