Prudential Insurance Right Issue: Last Day To Apply
July 3, 2020 | Investopaper
Prudential Insurance is issuing the 60 percent right issue from Ashad 7, 2077. Investors can apply for the right until Ashad 19, 2077. To view the notice, CLICK HERE
The company had postponed the right issue from Chaitra 11, 2076. Due to nationwide lockdown enforced by Nepal Government as a preventive measures against the COVID-19 outbreak, the issue had been put off.
The insurance company is issuing 1:0.60 right share to its shareholders from Falgun 18, 2076. Previously, the right issue was set to close on Chaitra 23, 2076.
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The book closure date for the 10:6 right share issue was on Magh 27, 2076. So, only those shareholders buying the shares of the company before this date can apply for the right shares issued by the company.
The Securities Board of Nepal (SEBON) approved the right issue of Prudential Insurance on Poush 29, 2076. Prudential insurance submitted the application to Sebon on Bhadra 20, 2076.
The insurance company is issuing 38,49,120 units right share worth Rs. 38.49 crores.
Related: Upcoming Initial Public Offerings (IPO) In Nepal
ICRA Nepal has provided IPO Grade 4+ ratings to the right issue indicating below average fundamentals.
Prudential Insurance has appointed NMB Capital Limited as the issue manager for the right.
The current capital of Prudential Insurance is Rs. 64.15 crores. After the adjustment of the right share, the capital will rise to Rs. 102.64 crores.
Non-Life Insurance companies should meet the minimum capital of Rs. 100 crores, as per the directives of Beema Samiti.
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