Nifra will be followed by 30 million IPOs worth Rs 3 billion.
Himalayan Reinsurance is going to issue initial public offering (IPO) of around Rs 3 billion to the public. The company’s first annual general meeting on Friday passed a resolution calling for an IPO.
The company, which has a paid-up capital of Rs 10 billion, will conduct 30 million IPOs worth Rs 3 billion.
After the decision is taken by the Board of Directors, it will take some time to complete the other process and get permission from the Securities and Exchange Board to issue the IPO. As there are 30 million IPOs, about 3 million people will get IPO at the rate of 10 lots.
Similarly, proposals have also been passed to authorize the board of directors to amend the management letter and rules of the company and to support the appointment of auditors. Himalayan Relay, the first reinsurance company promoted by the private sector, was licensed last May.
He had started reinsurance business from last July by raising the required capital in a short period of time after getting the license. The company, which is a major investment of business houses in Nepal, has a paid up capital of Rs 7 billion.