Everest Insurance to conduct its 23rd AGM today; Shareholders to receive 10% bonus shares

Everest Insurance Company Limited (EIC) will be conducting its 23^rd Annual General Meeting (AGM) today. The AGM is going to be held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 2:00 PM.

The main agendas of the AGM are:

• To endorse 10% bonus shares from the profit of FY 2073/74 amounting Rs 1.215 crore and cash dividend of Rs 6.39 lakh (for tax purpose)
• To revise previously declared 600% right shares in order to maintain 51% promoters share structure as per the Directives issued by the Insurance Board.
• To amend the Memorandum of Association (MOA) and Articles of Association (AOA).
• To increase the meeting allowance of the Board of Directors.

Other agendas of the AGM include endorsement of financial highlights of the FY 2073/74 and appointment of the auditor for the FY 2074/745.

The current paid up capital of the company will be Rs 13.365 crore (inclusive of 10% bonus from the profit of FY 2073/74). Now, the company has proposed to revise the 600% right shares issuance decision that had been declared in the previous AGM in order to maintain 51% promoter share structure. So, the company will be proposing to issue 1:1.05 (105%) right shares to the shareholders amounting Rs 14.03 crore which will be the new promoter shares of the company after which the paid-up capital of the company will stand at Rs 27.39 crore. A separate book closure notice will be published for 105% right share after this AGM. After that, the company will further issue 1:3 (300%) right shares for both promoter and public shareholders amounting Rs 82.19 crore after which the total paid-up capital of the company will stand at Rs 1.09 arba which will meet the capital requirement as per the Insurance Board Directives.