Sebon approves 35% right share of Siddhartha Insurance

Securities board of Nepal (SEBON) has granted Siddhartha Insurance an approval to float a right of 35%. The board provided an approval on 20th Baisakh. 

The company will now issue 22,44,973.5 unit shares at a face value of Rs 100. SIL has already appointed NMB Capital as the issue manager for the right issue. 

Siddhartha Insurance currently has a paid-up capital of Rs 64.14 crores, which will hike to Rs 86.59 crores after the right issue. The company will need to increase its paid-up capital to Rs 1 arba , as per insurance board's directive.