•      Sun Jul 21 2024

Nepal Lube Oil, Prabhu Mahalaxmi announce dividend

Kathmandu, Dec 18: The Nepal Lube Oil Limited (NLO) and Prabhu Mahalaxmi Life Insurance (PMLI) has announced dividend for the fiscal year 2079/80 BS.

According to reports, Nepal Lube has proposed a 30% dividend for FY 2079/80. The meeting of board of directors has proposed 25% bonus shares and 5% cash dividends. The company’s existing paid-up capital is Rs. 4.86 Crores.

The book closure date is from Poush 10 to Poush 24. Thus, investors maintained before that date are entitled to the dividend payout and can also attend the AGM.

Likewise, the meeting of board of directors of Prabhu Mahalaxmi Life Insurance Company Limited has decided to issue 17% right shares.

After the issue of 7,303,200 units of right shares, the paid-up capital of the company will increase to Rs. 5.02 Arba. Despite the merger, the life insurance company grappled with a capital deficit of Rs. 70.4 Crores, falling short of the Rs. 5 Arba capital requirement mandated by the Nepal Insurance Authority (NIA) for life insurance companies.

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