Reliable Nepal Life Insurance Limited Receives Permission to Issue IPO at Premium

Reliable Nepal Life Insurance has obtained permission to issue an initial public offering (IPO) at a premium. The Securities Board of Nepal (SEBON) granted the company permission for the IPO on Ashad 15.

The company has been authorized to issue shares at Rs 257 per share, including a premium of Rs 157 over the face value of Rs 100. A total of 1.2 crore unit shares worth Rs 2,989,800,800 will be issued, representing 30 percent of the company's paid-up capital. Civil Capital Market Limited will serve as the issue manager for the share issuance. The company's promoters currently hold a 70 percent share in the company.

Initially, the company had proposed an IPO at Rs 212 per share by adding a premium of Rs 112 to the face value of Rs 100. However, after auditing the annual report of the financial year 2078/79, the company revised its proposal and suggested issuing the IPO at Rs 299 per share, with a premium of Rs 199 over the face value.

Subsequently, the company has obtained permission to issue shares at Rs 257 per share, including a premium of Rs 157 over the face value of Rs 100.