50% right issue of Gurans Life Insurance approved by SEBON ; Paid up Capital to Reach Rs 89.10 crores

Securities Board of Nepal (Sebon) has approved 50% right issue of Guras Life Insurance today. 

The company willl now issue 29.70 lakh unit shares at a face value of Rs 100. Laxmi Capital has been appointed as the issue manager for the issue. ICRA Nepal has assigned Grade 4 rating to the proposed issue. 

Gurans Life Insurance Company Limited had earned a net profit of Rs 3.82 crore in the Second quarter of the FY 2074/75. The issuance of 50% right share will hike the companys' capital to Rs 89.10 crore. As per Insurance Board’s directive, GLICL should increase its paid up capital to a minimum of Rs 2 arba by the end of FY 2074/75.

GLICL was last traded at Rs 668 in the local bourse.