58,344 unit 1:1 right shares of Nepal Insurance unclaimed

ShareSansar, July 4:

Despite repeated notices from Nepal Insurance Company Limited as well as media coverage, a whopping 58,344 units of 1:1 right shares of the company floated at the face value of Rs 100 remains unclaimed.

Issuing a notice today, Nepal Insurance has informed that it has allotted 12.62 units among the total of 13.19 lakh units of right shares to those who duly applied for them.

The right issue, which was floated on May 15, had closed on June 18.

Growmore Merchant Banker Limited at Jamal, Kathmandu had managed the issue.

Altogether 13.1 9 lakh units of right shares of right shares are being floated at a face value of Rs 100 per unit, according the company.

It may be noted that Nepal Insurance has already announced the book closure for the rights shares on April 30, which means that those who already held the shares of the company before that date will be entitled to the right shares.

The company had floated the right shares to shore up its paid-up capital from the existing Rs 13.19 crore to Rs 26.38 crore.

As of the last fiscal year, its EPS stood at 17.49 and net worth per share at 230.12.