Everest Insurance calls AGM on Baishakh 10; to revise 600% right and sanction right at new proportion for promoter and public

The Board meeting of Everest Insurance Company held on 7th Chaitra, 2074 has decided to call an Annual General Meeting (AGM) on 10th Baisakh 10th, 2075. The meeting will amend the former proposed 600% right and sanction right shares at new ratio. The AGM will also endorse 10% bonus shares along with cash dividend for tax purpose, for the shareholders.

As per the newly proposed right, Investors will be floated right shares at 2 phases. In the first phase, 105% promoter shares will be issued to all the shareholders and secondly, all the shares (including new 105% promoter shares) will be issued 300% right shares.  

Thus, one shareholder of EIC will have both promoter as well ordinary shares. This has been done in order to uplift the promoter holding to 51% , as directed by Insurance Board.