Upcoming IPO In Nepal: Union Life Insurance Company Limited To Issue IPO
Union Life Insurance Company Limited is planning to issue an IPO. The company has submitted an application to the SEBON for the approval of the issue on Jestha 09. . They are planning to issue an IPO for 64,50,000 units. Prabhu Capital is the issue manager for the IPO issue.
Upcoming IPO In Nepal: Union Life Insurance Company Limited To Issue IPO
Union Life Insurance Company Ltd. has been established and registered under Company Act 2063 and Insurance Act 2049 in the year 2074 B.S (Regd. No. 168131/73/074) as a Public Limited Company and got a license to operate Life Insurance Business on 2074/03/20(04/07/2017). Union Life Insurance Company has been established with sole Nepalese Capital. The Company comprises of renowned & big promoters; Jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh hardware & Tibrewala Group.
The insurance company has posted a net profit of Rs 82.50 million and published its 3rd quarter company analysis of the fiscal year 2077/78.
The authorized capital of the Company is NRs. 215 crore. The promoters have contributed 70% of this, amounting to NRs. 150.50 Crore whereas the other Nepalese Citizens are to contribute remaining 30% of this capital amounting to NRs. 64.50 Crore.
PRESENT BOARD OF DIRECTOR’S COMPOSITION:
(i) Mr. Sulav Agrawal – Chairman
(ii) Mr.Sandeep Kumar Agrawal – Director
(iii) Mr.Jeewan Kumar Agrawal – Director
(iv) Mr. Debi Prasad Sharma – Independent Expert Director
