Surya Life Insurance announces book closure date for 40% right shares; 5th Baisakh set as bookclose

Surya Life Insurance has set 5th Baisakh, 2075 as book closure date for 40% right issue. The shareholders having the shares at the time of book closure will be eligible for the right issue. The 9th AGM held on 27th Bhadra had endorsed the right issue in the stated proportion.  

The company will issue 28,87,500 unit shares at a face value of Rs 100. The shareholders having the shares at the time of book close will be eligible for the right. 

NIC ASIA Capital will be managing the auction.  

Surya Life currently has a paid-up capital of Rs 65.63 crores. The issuance of 40% right will increase it to Rs 94.50 crores. In order to meet Insurance board's directive, the company will need an additional 1.05 arba. As per the directive, Life insurance companies need to hike their capital to 2 arba by the end of this fiscal year.