Sun Nepal Life Announces Date for Right Shares Issuance

Kathmandu – Sun Nepal Life Insurance Company Limited is set to issue right shares from Baisakh 30 (May 13), following approval from the Securities Board of Nepal (SEBON). The company will offer a total of 10,696,320 units of right shares at a face value of Rs 100 per share in the ratio of 1:0.27.

This means existing shareholders will be eligible to apply for 0.27 units of right shares for every one unit of ordinary share they hold. The application period will remain open until Jestha 19 (June 2).

To be eligible for this issuance, investors must have held shares of Sun Nepal Life until Baisakh 4 (April 17), as the company had its book closure on Baisakh 5 (April 18) for the right share distribution. Shareholders whose transactions were recorded on the Nepal Stock Exchange (NEPSE) by that date can apply.

The company has been assigned a ‘Care-NP BBB’ issuer rating by Care Ratings Nepal Limited, signifying an average capacity to meet financial obligations on time. The rating is valid until Ashoj 19 (October 5).

Nepal SBI Merchant Banking Limited has been appointed as the issue manager and underwriter for the right share issuance.