Kathmandu, Sept. 10 -- Nepal Reinsurance Company has applied to the Securities Board of Nepal to sell Rs1.6 billion worth of stock in an initial public offering.

The country's only reinsurance company plans to raise its paid-up capital to Rs10 billion from the existing Rs8.40 billion with the initial public offering. "As part of the final process to issue shares to the public, we registered an application at the board on Sunday," said Damodar Bhandari, officiating chief executive officer of the company.

According to the board, the reinsurer has applied to issue 16,000,000 units of primary shares. The company has appointed RBB Merchant Banking as issue manager.

The reinsurer said it moved to make the initial public offering after the go...