June 13, 2021 | Investopaper
Shikhar Insurance Company Limited (SICL) is in the process of issuing the right share to its shareholders. The company has submitted the application to Securities Board Of Nepal (SEBON) on Jestha 25, 2078 BS for the issue of right shares.
If SEBON provides the approval, Shikhar Insurance will float the right share in the ratio of 10:3. That means, shareholder with 100 shares can apply for the additional 30 right shares.
As of Chaitra end 2077 BS, SICL has a paid-up capital of Rs 175.85 crores. Hence, the company will issue a total of 52,75,572 shares to its shareholders that amounts to Rs 52.75 crores.
For the purpose of right offering, the company has appointed NIBL Ace Capital Limited as the issue manager. The agreement was inked between Mr. Suraj Rajbahak (Company Secretary, Shikhar Insurance Company Ltd.) and Mr. Mekh Bahadur Thapa (Deputy Chief Executive Officer, NIBL Ace Capital Ltd.) and Mr. Sachindra Dhungana (Assistant General Manager, NIBL Ace Capital Ltd.).
After the sale of right shares, the capital of SICL will rise to Rs 228.60 crores.