Reliance Life Insurance and Sanima Life Insurance Calls 5th AGM on Falgun 12 to Endorse Share Swap Ratio for Merger
Fri, Feb 3, 2023 10:51 AM on Latest, AGM/Special AGM, Book Closure, Merger/Acquistion,
Reliance Life Insurance Limited (RLI) and Sanima Life Insurance Company Limited (SLI) have called their 5th AGM on 12th Falgun, 2079 respectively. The meeting of RLI will be held in Lisara Receptions, Naxal whereas the meeting of SLI will be held in Kundali Durbar Banquet, Dhumbarahi. Both the meetings will start at 11 AM that day.
Among other agendas, the AGMs will pass a resolution regarding evaluating and endorsing the Due Diligence Audit, Memorandum of Understanding, and Scheme of Arrangement and endorse a share swap ratio of 1: 1 for a merger between Reliance Life Insurance & Sanima Life Insurance. The meeting will also approve a proposal to start the joint transaction under the name "Sanima Reliance Life Insurance Company" after the successful merger. As the companies' capital will increase after the merger, pass the resolution to amend the Articles of Association accordingly.
Meanwhile, there is also an agenda to convert the shareholding ratio of RLI and SLI to 51: 49 from the pre-existing 70: 30 respectively. The meeting will also pass a proposal to appoint an appraiser, U.K Associates Chartered Accountants to evaluate the assets and liabilities of the company, and determine their remuneration.
The book closure date for both companies' AGM is on Magh 29. Therefore, the shareholders maintained before that day can attend respective AGMs.
