Wednesday, August 12, 2020

Reliance Life to go public

 Reliance Life Insurance is issuing 6.3 million units of ordinary shares to the public from August 20 at Rs 100 per unit. 

The life insurance company is issuing 30 per cent of its issued capital of Rs 630 million worth of shares post which the paid-up capital of the company will be Rs 2.10 Billion. Sanima Capital is the issue manager of the shares.

Out of 6.3 million units of shares to be offered to masses, some 315,000 shares have been set aside for the employees of the company, some 315,000 shares have been set aside for mutual funds approved by Securities Board of Nepal (Sebon) and the remaining 5.67 million shares will be offered to the public.

According to chief executive officer of Reliance Life Insurance Prabin Raman Parajuli, the company is the first to issue Initial Public Offering (IPO) to the public among the last lot of 10 new life insurance companies licensed by Insurance Board (Beema Samiti). “The company has been launching innovative plans at competitive prices as demanded by the market with core focus on quality servicing and digitization which further ensures enhanced service delivery,” he said.

Reliance Life Insurance -- commenced its operations from November 17, 2018 – is promoted by Siddhartha Bank Ltd and prominent business houses. The company has been rendering professional services to the public through its 100 point of sales.

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