United Insurance proposes 240% right share; Paid-up capital to reach 1.02 arba

The Board meeting of United Insurance Company held on 2nd Baisakh, 2075 has proposed 240% right for the shareholders. It is however subject to approval from regulatory body and companys' AGM. 

Insurance board had laid a directive for non-life insurance companies to increase the paid up capital to Rs 1 arba. United Insurance had a paid-up capital of Rs 30.24 crore which will hike to 1.02 arba after the right issue. The company had previously proposed cent percent right share which was later questioned by Insurance board.   

The news has increased the companys' price by almost 10% today. It was last traded at Rs 1029