Siddhartha Insurance to float 35% right shares; added in SEBON pipeline.

35% right shares of Siddhartha Insurance Ltd. has been added in the SEBON pipeline for approval. The company has made an application for this purpose on 2074/09/28. 

Siddhartha Insurance will issue shares in the ratio 10:3.5 at a face value of Rs 100. It will float shares worth Rs 22.44 crore. NMB Capital markets ltd. has been appointed as the issue manager for the proposed issue. 

The company currently has a paid-up capital of Rs 64.14 crore. The capital will increase to Rs 86.59 crore after the capitalization of right shares. SIL will still need Rs 13.41 crore to meet the capital as directed by Insurance Board. It has earned the net profit of Rs 4.12 crore as of 1st quarter 2074/75. 

The last traded price of SIL was Rs 1000.