SEBON Reviews Prabhu Mahalaxmi Life Insurance’s 17% Right Shares Issuance Proposal Worth Rs. 73.03 Crores


The Securities Exchange Board of Nepal (SEBON) has initiated the preliminary review process for the right shares of Prabhu Mahalaxmi Life Insurance Limited (PMLI), according to an announcement. The application for this review was officially submitted to the board on Falgun 22, 2080.

Prabhu Mahalaxmi Life Insurance Limited intends to issue 7,303,200 units of right shares, equivalent to 17% of the company’s total, with an estimated value of Rs. 73.03 Crores. This issuance is aimed at providing existing shareholders with the opportunity to purchase additional shares at a specified ratio (1:0.17). Currently, the company’s paid-up capital stands at Rs. 4.29 Arba, and following the successful adjustment of the proposed right shares, the paid-up capital will see a significant increase to Rs. 5.02 Arba.

Siddhartha Capital Limited has been appointed as the issue manager, overseeing the process and ensuring its smooth execution. The addition of Prabhu Mahalaxmi Life Insurance Limited’s right shares to the SEBON pipeline marks a significant step in the company’s strategic efforts to enhance its capital structure and meet the evolving needs of its shareholders.

 

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