April 4, 2022 | Investopaper
Shikhar Insurance Company Limited (SICL) is currently issuing the right share to its shareholders. The company is floating the right share in the ratio of 10:3. That means shareholders with 100 shares can apply for the additional 30 right shares. The right issue is open from Chaitra 1, 2078 BS. The deadline for application for the rights shares is until Chaitra 21, 2078 BS.
For the purpose of right offering, SICL had set the book closure date on Magh 21, 2078 BS. Hence, investors holding/purchasing the shares of SICL until Magh 20, 2078 BS will be eligible to apply for the right shares.
Securities Board Of Nepal (SEBON) provided the approval to the company on Magh 6 for the right share issuance. The company had submitted the application to the board on Jestha 25, 2078 BS.
As of Poush’s end 2078 BS, Shikhar Insurance 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 which amount to Rs 52.75 crores.
The company has appointed NIBL Ace Capital Limited as the issue manager for the right offering. 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 the right shares, the capital of SICL will rise to Rs 228.60 crores.