Jyoti Life Insurance To Close IPO On Falgun 26
March 10, 2021 | Investopaper
Jyoti Life Insurance Company Limited is currently selling 66 lakh unit shares to the general public. The Initial Public Offering (IPO) was open from Falgun 21, 2077 BS. At a face value of Rs 100, the public issue size amounts to Rs 66 crores. Due to over-subscription of shares, the IPO issue will now close on Falgun 26, 2077 BS. If the issue had remained undersubscribed, the deadline would extend to Chaitra 6, 2077 BS.
You May Also Like:
How to apply IPO/FPO/Right Share through Mero Share?
Upcoming Initial Public Offerings (IPO) In Nepal
Previously, the company had decided to float the public offering from Falgun 23, 2077 BS. However, due to some technical issues, CDSC has changed the issue date.
Securities Board Of Nepal (SEBON) had 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.
Employees of the company will receive 5 percent of the total issue i.e 3,30,000 shares. Likewise, the mutual fund schemes are reserved a 5 percent or 3,30,000 shares. Therefore, the general public can participate in the remaining 59,40,000 shares.
One can apply for a minimum of 10 shares and a maximum of 66,000 shares.
After the IPO, the general public will possess 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.
About Jyoti Life Insurance Company
Jyoti Life Insurance is one of the newly established life insurance companies of Nepal. It was established in 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].
Suggested Readings:
List of Insurance Companies In Nepal
