IME General Insurance got approval from SEBON; To issue 80% right share

SEBON has provided approval to issue 80% right share of IME general Insurance to meet the capital expansion as directed by the Insurance Board.

The company will issue 43.20 crore right to its existing shareholders.

Global IME Capital has been appointed as the issue manager for this purpose. 

The company current paid-up capital is 54 crore which will hike to 97.20 crore after capitalization of 80% right share. As directed by the insurance Board the paid-up capital of Non-life insurance should be 1 arba, the company will probably issue bonus shares for the remaining capital expansion.