Everest Insurance is issuing 105 percent promoter right issue in a bid to maintain its promoter share ownership to 51 percent. The company will issue 1,403,325 units of promoter right issue worth Rs 140.3 million.
Siddhartha Capital has been appointed as issue manager by the company.
The interested shareholders can apply for the right issue from all branches of Everest Insurance, Siddhartha Capital at Naxal, and all ASBA approved BFIs.
After the right issue, the paid-up capital will reach Rs 273.9 million. The company will again issue 300 percent right shares to meet the minimum paid-up capital of Rs 1 billion as per IB directive after the issue.
