United Insurance issuing 240 percent right share from today
August 20, 2019 | Investopaper
United Insurance is going to issue 240 percent right share from today (Bhadra 3, 2076). The company will float 72,57,600 units of right share. The right issue is worth Rs. 72.58 crores.
The right issue will remain open until Ashoj 6, 2076.
For the purpose of the rights issue, the book closure date was on Shrawan 14, 2076. Thus, the shareholders purchasing shares until Shrawan 13 are eligible for the right.
Securities Board of Nepal (SEBON) approved 1:2.4 right share of United Insurance company on Ashad 08, 2076.
Care Ratings Nepal has provided Grade 4 ratings to the right issue. It indicates below-average fundamentals for the company.
The insurance is planning to meet the minimum paid-up capital requirements set by the Nepal Insurance Board (NIB) by issuing a 240 percent right share. The minimum paid-up capital for non-life insurance is Rs. 100 crores.
The current paid-up capital stands at Rs. 30.24 crores. After 1:2.4 right share, the capital will reach Rs. 102.82 crores.
NMB Capital is appointed as the issue manager for the right share.