United Insurance to Close Book for 240% Right Share

Aug 20, 2019 09:37 AM Merolagani

United Insurance (UIC) has started issuing 240 percent right issue of its paid-up capital from today, August 20. The company will issue 7,257,600 units of right shares worth Rs 725.7 million at a ratio of 10:24.

The company is issuing the right shares in a bid to meet the minimum paid-up capital requirement of Rs 1 billion. The issue will close on September 23.

The company has appointed NMB Capital as its issue manager. The interested shareholders can apply for the right issue from all the ASBA approved BFIs.

The company closed its book on July 30 for the right issue, thus, the shareholders registered in its book till July 21 will be eligible to apply for the right shares.

Care Rating Nepal has assigned Grade 4 to the right issue indicating below average fundamentals.

Presently, the company has a paid-up capital of Rs 302.4 million that will reach Rs 1.02 billion after the right issue. 

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