Mahalakshmi Life Insurance is going to pass a proposal to issue an IPO worth Rs 600 million to the public. The organization is expected to approve the IPO proposal from the third annual general meeting.The company had earlier passed a proposal to issue an IPO at its first annual general meeting but failed to issue shares for two years.
With the proposal to issue IPO, the organization has called a meeting on February 15 at Hotel Radisson, Lazimpat at 11 am. The 43rd meeting of the board of directors of the organization held on January 20 has fixed the date of the general assembly.The meeting will pass a resolution to issue an IPO worth Rs. 600 million. At present, the paid up capital of the organization is Rs. 1.4 billion. After the IPO, the company’s paid-up capital will reach Rs 2 billion.