Union Life Insurance Company Limited Issuing 64.50 Crores of IPO from Thursday

Union life insurance company limited, is going to issue 6,450,000 units (Worth Rs 64.50 crore) of initial public offering to the general public from Thursday 24th of Ashad 2078 (8th July,2021).  Early closing date of this issue is on Monday, 28th  Ashad 2078 and if the issue is not fully subscribed on early closing and then it can be extended up to Thursday, 7th Shrawan 2078. Prabhu Capital Limited, has been appointed as the issue manager for this IPO.

Among the offering issue of 6,450,000 units, 5% (322,500) units are allotted for the employees of the company and 5% (322,500) units are allotted for the mutual funds. And the rest 580,5000 units are for the general public. Applicants can apply for a minimum of 10 units and maximum of 32,250 units at the rate of 100 Rupees.

After the Public offering, 30% of total capital which will raise its paid-up capital to Rs 2015 Araba and the promoter/public ratio will be 70:30. Union life insurance company limited is a public limited life insurance company, giving services since July 2017. The head office of the company is located in New Baneshwor, Kathmandu.

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The company owes the equity investments in multiple sectors. Golchha Organization, Gaidya Group, Jagadamba Group, Neupane group, Rajesh Hardware are some big business corporations.  The major shareholders of this company are Mr. Shekhar Golchha (19.9%), Mr. Sahil Agrawal (19.9%) similarly, Mr. Rahul Kumar Agrawal, Mr. Sandip Kumar Agrawal and Mr. Sharad Kumar Tibrewala enjoys (6.6%) each.

ICRA Nepal has rated this company as Triple B (BBB), The issuers with this rating are considered to have a moderate (Average) degree of safety to bear financial obligations.

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