Agrani Insurance calls EGM for right shares
The EGM will be held virtually on 11 August
Agrani Insurance has called an extraordinary general meeting (EGM) for its shareholders to get their consent for the plan to issue right shares, according to the Dhaka Stock Exchange (DSE).
The company would arrange the EGM virtually on 11 August.
On 19 July, its shares will remain non-tradable as it will identify its shareholders on that day to welcome them to the EGM.
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The listed non-life insurer would issue one right share against every three existing ordinary shares to comply with the insurance regulator's capital adequacy requirement.
The Insurance Development and Regulatory Authority (IDRA) needs non-life insurers to have at least Tk40 crore in paid-up capital and at least 60% shareholding by their sponsors and directors together.
Agrani Insurance has Tk31.76 crore in paid-up capital and only 30.15% of its shares are being held by its sponsors and directors.
Right share issuance will be subject to all the necessary regulatory approvals and after securing those, the company will announce a fresh record date to identify shareholders who can subscribe to right shares.
If right shares remain unsubscribed by the existing shareholders, the mandated underwriter will absorb the unsold shares.
Agrani Insurance began its journey two decades ago and got listed on the bourses in 2005.
It is engaged in underwriting business.
