Last Day to Apply for 240% Right Share of United Insurance

Oct 10, 2019 11:20 AM Merolagani

Today is the last day to apply for 240% right share of United Insurance (UIC).  The company extended the deadline for applying the right issue till October 10 after the issue went undersubscribed.  

The company started issuing 240 percent right issue of its paid-up capital from August 20. The company is issuing 7,257,600 units of right shares worth Rs 725.7 million at a ratio of 10:24 in a bid to meet the minimum paid-up capital requirement of Rs 1 billion.

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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