Final Merger Procedure Between Surya Life & Jyoti Life Completed; Integrated Transaction to Start from Poush 7

After the special resolution was presented and passed in the Annual General Meeting (AGM) of Surya Life Insurance Company Limited (SLICL) and Jyoti Life Insurance Company Limited (JLI) held on Kartik 28, the final approval for the merger of both companies was received from the Insurance Authority on Mangsir 2 and from the Securities Board on Mangsir 25.

The paid-up capital of SLICL and JLI as of the first quarter (Q1) report of Fiscal Year 2079/80 is Rs. 2.55 Arba and Rs. 2.42 Arba, respectively. It was only after the Insurance Board that issued a directive instructing the insurance companies to increase their paid-up capital, insurance companies started signing merger agreements with each other. The board has directed that the life insurance companies should increase it to Rs 5 Arba by Chaitra 2079.

The meeting has also passed a resolution regarding carrying out the name of the company under "SuryaJyoti Life Insurance Company Limited" after completion of merger. Also, the share swap ratio of 1: 0.8245 for the merger has been finalized between the companies. Hence, this notice informs all the agents, shareholders, regulatory bodies and all stakeholders of both organizations that the integrated business of the life insurance companies will be conducted from Thursday, Poush 7, 2079.

Also, due to Data Migration System Integration all services of SLICL and JLI will be closed on Poush 6, 2079 from 8 a.m.