The company is issuing 1:1 right shares of tis paid-up capital worth Rs 492.5 million. The board of directors meeting of the company held on October 21 decided to issue the right shares.
As per the company, out of fund accumulated from right issue, it will use Rs 342.5 million to repay banking loans taken to develop project and pay for other liabilities. Moreover, it will use the remaining Rs 150 million to invest in 9 MW Upper Bhurundi A Jalvidhyut Project developing by Niko Energy Ltd.
The company will issue the right share after obtaining approval from Electricity Regulatory Commission and its upcoming AGM.
