Deadline Extended for 1:0.8845 Right Offering of Life Insurance Corporation Nepal
Tue, Dec 17, 2024 10:39 AM on Latest, Dividend, Bonus & Rights,
Life Insurance Corporation Nepal Limited (LICN) has extended its rights offering deadline. The company opened its rights offering on 12th Mangsir, 2081. The issue was supposed to close today i.e. on 2nd Poush but as per the notice, the rights offering will now conclude on 17th Poush, 2081.
The company will be issuing 88.45168% right shares worth Rs. 99 crores through the issue of 2,34,68,000 (1: 0.8845168) units of right shares to its existing shareholders. The current paid-up capital of Rs. 2.65 Arba. After adjusting the proposed right share i.e. 2,34,68,000, the company's paid-up capital will increase to Rs. 5 Arba.
According to the CDSC, a total of 9,518 applicants applied for 34,58,187 units of right shares, equivalent to Rs. 34.58 crore. Despite this substantial interest from the applicants, the issue was only subscribed to 14.73% of its total offering as of now.
Nepal SBI Merchant Banking Limited has been appointed as the issue manager for this right issue.
The book closure date was scheduled on 9th Kartik, 2081. Thus, the shareholders maintained until the same are deemed eligible for the rights offering.
