Union Life Insurance Company Limited (ULICL) is set to issue 64,54,000 units of shares as Initial Public Offering(IPO) worth Rs 64 crore and 50 lakh to the general public.
It will be issuing IPO from Ashar(24-28) 2078 BS. The deadline for the issue is 28 Ashar. It can however be extended if it isn’t fully subscribed by the 28th, then to the 7th of Shrawan, 2078 BS
An overall offering of 64,54,000 shares will be offered to the public, of which 5% (3,22,500) will be distributed among the company’s employees.
In addition, another 5% of the shares (3,222,500) units have been reserved for mutual funds.
The remaining 58,05,000 will be distributed to the general public.
Each applicant can place a maximum of 32,350 units, with a minimum of 10 units. Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance.
With the issuance of 64,54,000 units of IPO amounting to 64.54 crores, the paid-up capital of the company will rise to 2.15 Arba. Promoters will have a 70-30 ratio with the general public.
The company has received an issuer rating of BBB from ICRA Nepal. This type of rating indicates that issuers have a moderate degree of safety in terms of timely servicing of financial obligations.
About the company
Union Life Insurance Company Limited was formed under Company Act 2063 and Insurance Act 2049 as a Public Limited Company in the year 2074 B.S (Regd. No. 168131/73/074) and it became licensed to carry on Life Insurance Business by 2074/03/20 (4/07/2017).
The Union Life Insurance Company was established with sole Nepalese capital. Jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh Hardware & Tibrewala Group are some of the company’s renowned and big promoters.
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