SJLIC limited’s share trading released
Share trading has resumed under the name of Surya Jyoti Life Insurance Company Limited (SJLIC).
KATHMANDU: Surya Life Insurance Company Ltd. and Jyoti Life Insurance Company Ltd. regarding the merger of the two companies, and Jyoti Life Insurance Company Ltd. was approved by the regulatory bodies after the final agreement was passed by the annual general meeting of both companies.
The integrated business has been operating under the name Surya Jyoti Life Insurance Company Limited since 2079 Paush 7 (22 Dec, 2022), according to the approval to merge it into Surya Life Insurance Company Limited.
During the merger process between the former Surya Life Insurance Company and Jyoti Life Insurance Company, the share transaction which has been suspended since the date of 2079 Ashar 13 (27 June, 2022) has been completed and the consolidated transaction has been completed.
Share trading has resumed under the name of Surya Jyoti Life Insurance Company Limited (SJLIC). The Nepal Stock Exchange has set the opening price at Rs 371.59.
According to sub-rule (1) of rule 38 of the Securities Registration and Issuance Regulations, 2073, the share structure of Formerly Jyoti Life Insurance Company Ltd is 70% founder group and 30% general group, as decided by the company’s general meeting and approved by the Nepal Securities Board.
The capital structure of the company has been recorded as 51 percent under the founder group and 49 percent under the general group, ensuring that the Lock-In Period remains unchanged in accordance with the regulations.
The share swap ratio during the merger of Formerly Surya Life Insurance Company Ltd and Jyoti Life Insurance Company Ltd is 100: 0.8245, which means that 1 share of Formerly Surya Life Insurance Company is equal to 1 share and 1 share of Formerly Jyoti Life Insurance Company Ltd is equal to 0.8245 shares. The company has informed that the shares have been fixed in the shareholders’ names accordingly.
Surya Jyoti Life Insurance Company Limited, formed following the first successful merger in the life insurance sector between Surya Life Insurance and Jyoti Life Insurance, has received IS 9001:2015 certification.
The company’s paid-up capital is currently Rs 4.54 billion, and it serves its customers through 181 branch offices across the country.