Sebon approves IPO of Jyoti Life Insurance ; to issue shares worth Rs 66 crores
Sebon has approved the IPO of Jyoti Life Insurance. Following this approval, the company can now issue primary shares worth 66 crores to the general public.
The company will soon announce a date and issue 66 lakh shares at a face value of Rs 100.Jyoti Life Insurance appointed NMB Capital as the issue manager of the IPO. The company's paid-up capital will surge to Rs 2.20 arba after the IPO. The Promoter holding will dilute to 70% after the IPO.
As per the second quarter report published recently, Jyoti Life reported an increase of Net Profit by 56.56% compared to the corresponding quarter of the previous year. The company’s net earnings increased to Rs. 10.78 crores in this quarter from Rs. 6.89 crores in the corresponding quarter. Similarly, the Net Premium rose by 92.53% to Rs. 1.39 Arba in FY 2077/2078 from Rs. 72.54 crores in the corresponding quarter of the previous year.
Its annualized earnings per share (EPS) stood at Rs. 14.01 whereas Net worth per share stood at Rs. 134.01.