Prime & National Life Insurance 160% & 60% right shares respectively added in SEBON pipeline for approval

Prime Life Insurance Company Limited (PLIC) and National Life Insurance Company Limited (NLICL) have been added in Securities Board of Nepal (SEBON) pipeline to seek approval for the issuance of 1:1.60 (160%) and 10:6 (60%) right shares respectively. Prime Life Insurance will be issuing 160% (1:1.60) right share i.e. 61,02,000 units to its shareholders. The insurance company’s 7^th, 8^th, 9^th & 10^th AGM held on Bhadra 27, 2074 had endorsed to issue 160% right share to its shareholders. Siddhartha Capital Limited has been assigned as its issue manager for issuing 160% right share. PLIC had earned Rs 15.87 crore in the fourth quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 48.81 crore. After distribution of 25% bonus shares and  issuance of 160% right share, its paid up capital will reach Rs 1.58 arba. To meet the capital requirement of Rs 2 arba till the end of Ashad 2075, it should further hike its capital by Rs 42 crore (around 26.58%). National Life Insurance will be issuing 60% (10:6) right share i.e. 99,36,478 units to its shareholders. The insurance company’s 29^th AGM held on Shrawan 27, 2074 had approved to issue 60% right share to its shareholders. NIBL Capital Markets Limited has been assigned as its issue manager for issuing 60% right share. NLICL had earned Rs 23.55 crore in the fourth quarter of the fiscal year 2073/74. Its paid up capital remains at Rs 1.66 arba. After the issuance of 60% right share, its paid up capital will reach Rs 2.64 arba.