The company sought approval to issue 40 percent right shares.
The company has a paid-up capital of Rs 1.15 billion. After the right issue, the paid-up capital will reach Rs 1.62 billion.
Although the Insurance Board has banned the right issue, IME General and Shikhar Insurance can apply for it as their procedure already started before the directive.
Both companies have already endorsed the right proposal from their respective AGMs.
