Surya Life Insurance’s 40% right share allotment concludes; Unsubscribed 74,384 units to be sold via auction soon
Thu, Jul 12, 2018 7:50 AM on Dividend, Bonus & Rights, Latest, Stock Market, Share Allotment,
The 40% right share of Surya Life Insurance Company Limited (SLICL) has been allotted to the applicants.
The life insurance company had issued 28,87,500 unit shares for its shareholders at par value of Rs 100. Out of the total units 3,289 unit promoter shares and 71,095 unit right shares of ordinary group are unsubscribed.
The remaining right shares will be sold via auction soon.
NIC Asia Capital was appointed as the issue manager for the right share issuance.
SLICL’s current paid-up capital is Rs 72.18 crore. After the adjustment of 40% right shares, the paid-up capital of the company will reach Rs 1.01 arba. The company has already proposed 12% bonus shares which will increase its capital to Rs 1.13 arba.
Recently, the company has proposed the issuance of 70% right shares which will take its capital to Rs 1.92 arba. After the issuance of 70% right shares, the paid up capital of the life insurance company will reach Rs 1.92 arba and it will need to raise the capital by about Rs 8 crore to meet the minimum capital requirement.
