Janashakthi to raise Rs. 3.35 b via Rights

Janashakthi Insurance (JINS) has announced a move to raise Rs. 3.357 billion via a Rights Issue to fund future expansion.

Proposed Rights Issue will be on the basis of 01:02 at Rs. 18.50 each. The stock traded at Rs. 23 yesterday. Net asset value per share is Rs. 11.54 at Company level and Rs. 12.15 at Group level.

Current stated capital of Janashakthi Insurance is RFs. 1.496 billion consisting of 363 million shares. The Rights Issue is subject to regulatory and shareholder approval.