United Ajod Insurance Limited (UAIL) to Issue 10% Rights Shares from March 26

United Ajod Insurance Limited (UAIL) is set to open the sale of its rights shares from March 26. The company will issue rights shares equivalent to 10 percent of its existing paid-up capital, meaning shareholders will receive 10 new shares for every 100 shares they currently hold. Under this issue, the company will float 2.31 million units of rights shares at a face value of Rs 100 each, worth Rs 231 million. The company had already closed its book on Falgun 17, so only shareholders who held shares until Falgun 14 on NEPSE will be eligible to apply. Applications for the rights shares can be submitted until April 28 (Baisakh 16). For the issue, ICRA Nepal has assigned the company an issuer rating of Triple B, indicating a moderate degree of safety regarding timely servicing of financial obligations. The issue and sales manager for the rights shares is Laxmi Sunrise Capital Limited, and shareholders can apply through ASBA-approved banks and financial institutions as well as via the online system Mero Share. Currently, the company’s paid-up capital stands at Rs 2.31 billion, which will increase to Rs 2.541 billion after the rights issue and allotment.