Kathmandu. IME General Insurance (IGI) is going to issue 40 per cent rights shares to the rich after 7 per cent bonus shares.

A meeting of the board of directors of IME General Insurance has decided to expel the rights after the bonus, said Ambika Prasad Poudel, director of the company. The company has decided to issue rights after distributing bonus shares worth Rs 75.72 million and cash dividend of Rs 39.86 million from the last fiscal year's profit.

Poudel informed that the company has also published a public notice to take the proposal to issue 40 shares in the ratio of 40 lots to the next general meeting.

The company has also proposed to make 9 percent promoter shares public and convert 51 percent of the existing 60 percent promoter shares into public and make 51 percent promoter and 49 percent public. IGI currently has Rs 1.08 billion and after the issuance of bonus and 40 percent rights shares, the paid-up capital will reach Rs 1.62 billion.