Speaking with Merolagani, Ramesh Kumar Bhattarai, Acting CEO of United Insurance said that the company is opting a path of the merger in a bid to raise its paid-up capital to Rs 1 billion. He further said that although the BOD of the company has already taken a decision, it is searching for a suitable partner for the merger.
Along with the possibility of the merger, the company is also forwarding 240 percent right shares with priority. Presently, the company has a paid-up capital of Rs 302.4 million. The company required to meet the minimum paid-up capital of Rs 1 billion by the end of the current FY. However, Dr Chiranjibi Chapagain, Chairman of IB is reluctant to provide right issue approval to the company after the fire controversy.
