Sanima GIC Insurance to Issue 25 Percent Right Share
March 15, 2024 | Investopaper
Sanima GIC Insurance Limited (SGIC) is planning to sell right shares to the shareholders.
The company has decided to float the right shares in the ratio 1:0.25. This means that the shareholders with 100 shares can apply for the additional 25 shares.
For this purpose, the insurance is taking the agenda of right issuance to its upcoming 6th Annual General Meeting (AGM) to be held on Chaitra 29, 2080 BS.
After the approval from the general meeting, the insurance company will begin the proceedings for the right offering.
At present, SGIC has a paid up capital of Rs. 200 crores. Hence, the company has plans to sell right shares worth Rs. 50 crores. After the right issue, the paid-up capital will reach Rs. 250 crores.
As per the direction of Nepal Insurance Authority, the regulatory body, the non-life insurance companies are required to meet the minimum capital of Rs. 250 crores. Hence, Neco Insurance has opted for the right issue in order to reach the capital requirement.
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