Neco Insurance Limited (NECO) is concluding its offering of a 1:0.25 ratio of rights shares to its current shareholders, valued at Rs. 100, starting today, which is 14th Chaitra, 2081. The offering was initiated on 8th Falgun, 2081.
The company plans to issue 25% rights shares amounting to Rs. 50.30 crore through the release of 50,30,901.55 (1: 0.25) units of rights shares to its existing shareholders. The existing paid-up capital stands at Rs. 2.01 Arba. Following the inclusion of the proposed rights shares, specifically 50,30,901.55 units, the company’s paid-up capital will rise to Rs. 2.51 Arba.
According to the CDSC, a total of 25,684 applicants have requested 21,57,493 units of rights shares, totaling Rs. 21.57 crore. In spite of the considerable demand from applicants, the offering was only subscribed to 42.88% of its total capacity.
Sanima Capital Limited has been designated as the issue manager for this rights offering.
The book closure date was set for 17th Magh. Hence, shareholders recorded before that date are eligible for the rights offering.
