July 31, 2020 | Investopaper
Reliance Life Insurance Company Limited is going to issue Initial Public Offering (IPO). Securities Board of Nepal (SEBON) has provided the approval for the IPO on Shrawan 16, 2077. The company submitted application to Sebon for the IPO issuance on Ashad 9, 2077.
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Now, Reliance Life Insurance will float 6,300,000 unit shares in the IPO. At a face value of Rs 100, the IPO of Reliance Life Insurance is worth Rs. 63 crores.
After the issue of the IPO, the general public will possess 30 percent ownership in the company. Likewise, the promoter will hold the remaining 70 percent shares.
Sanima Capital Limited is the issue manager for the IPO.
About Reliance Life Insurance Company
Reliance Life Insurance Company started its operation from Mangshir 1, 2074. The company is led by the Chief Executive Officer Mr Pravin Raman Parajuli.
Likewise, Mr. Tarachand Kedia is the chairman of the company.
Financial Condition Of Reliance Life Insurance
Reliance Life Insurance Company has a current capital of Rs 1.47 Arba. After the issue of IPO, the capital will rise to Rs 2.10 Arba thereby meeting the minimum capital requirement for the life insurance companies in Nepal.
Until the third quarter of the fiscal year 2076/77, the life insurance company has collected Rs 83.34 crores in total premium. The company has made a total investment of Rs. 2.27 Arba. In the nine months period, Reliance Life Insurance has earned Rs 6.18 crores in net profit.
The company has the total reserve of Rs 14.96 crores. Likewise, the life assurance fund stands at Rs 86.99 crores.
Also Read: Upcoming IPO Of Insurance Company In Nepal
Products Offered By Reliance Life Insurance
The company offers various insurance products to its customers which include:
1. Reliance Child Assurance Plan (Mero Mutu)
2. Reliance Endowment Assurance Plan
3. Reliance Money Back Assurance Plan
4. Reliance Endowment Assurance Cum Whole Life
5. Reliance Fixed Deposit Protection Plan
6. Reliance Term Plan (Jeevan Shanti)
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