Surya Life Insurance receives approval from Sebon; to issue 40% right share

Surya Life Insurance has received approval from SEBON for the issuance of right share. The company will issue 40% right share to its shareholders. 

SLICL will float 28,87,500 unit shares worth Rs 28.87 crores. The shareholders having the shares at the time of book close will be eligible for the right. 

NIC ASIA Capital has been appointed as the issue manager.

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.