Surya Life to Issue Right Shares from August 25

Aug 11, 2019 09:46 AM Merolagani

Surya Life Insurance (SLICL) is set to issue 70 percent right shares from August 25.

In a bid to meet the minimum paid-up capital as per IB directive, the company is issuing 70 percent right shares of its paid-up capital to its existing shareholders.

Surya Life will issue 8,874,096 units of right shares worth Rs 887.4 million at a face value of Rs 100 per share.

The board of directors meeting of the company held on August 5 decided to close its book on August 14, thus, the shareholders registered in its book till August 13 will be eligible to apply for the right issue.

The company has appointed NIC Asia Capital as its issue manager. The interested shareholders can apply for the right issue from the issue manager as well as branches of Surya Life outside the capital. Moreover, the shareholders can apply for the shares from all C-ASBA approved BFIs and meroshare software.

The issue will close on September 29. Presently, the company has a paid-u capital of Rs 1.26 billion that will reach Rs 2.15 billion after the right issue.

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