Union Life Insurance Company Limited will launch an Initial Public Offering (IPO) in the amount of Rs 64.5 crores. The Securities Board of Nepal (SEBON) has approved the public offering on Ashad 13, 2078 BS.
Following SEBON’s approval, the company will now issue 64,50,000 unit shares in the initial public offering. Union Life Insurance’s initial public offering (IPO) is worth Rs. 64.50 crores at a face value of Rs 100.
Prabhu Capital Limited is the IPO’s issue manager.
About Union Life Insurance Company
Union Life Insurance Company was established in the year 2074 BS. On Ashad 20, 2074 BS, it was granted a license to operate as a Life Insurance company (April 7, 2017). Jagadamba Group, Golchha Group, Gadiya Group, Neupane Group, Rajesh Hardware, and Tibrewala Group are the company’s promoters.
The authorized capital of the company is Rs 2.15 Arba. Union Life Insurance has a paid-up capital of Rs 1.505 Arba as of Chaitra end, 2077 BS. The company will sell a 30% stake in the company for Rs 64.50 crores to the general public. As a result, following the IPO, the promoters will own 70% of the company.
The company’s chairman is Mr. Sulav Agrawal.