Union Life Insurance Company Limited has processed to issue 64.50 lakh units of initial public offering (IPO). It has appointed Nepal SBI Merchant Banking Limited as the issue manager for the coming IPO.
The agreement was signed by Mr. Manoj Kumar Lal Karn, CEO of Union Life and Mr. Ramesh Ghimire, CEO of Nepal SBI Merchant Banking Ltd at the head office of Union Life Insurance in New Baneshwor, Kathmandu. The IPO will be issued at face value of Rs 100 per share to the general public.
Currently, Union Life Insurance has paid up capital of Rs 1.50 arba. After IPO, the promoter-general public capital structure will be 70%-30%. Then, Capital will reach to Rs 2.15 arba.
The proposal of issuing IPO is 30% of Paid up Capital which worth Rs. 645 million. The company has earned Rs 3.80 crore in the first quarter of current Fiscal year.
