The company obtained approval of issuing 3,950,000 units of ordinary shares worth Rs 395 million at a face value of Rs 10 per unit which is 38.33 percent of its issued capital.
Out of the total approved units, the company is issuing 1,030,500 units of shares worth Rs 103 million to locals of the affected area of Gulmi District Musikot Municipality, Baglung District Galkot Municipality and Baglung District Badigad Rural Municipality.
Moreover, out of total offered units to general public, the company is issuing 10 percent i.e. 291,950 units shares worth Rs 291.9 million to foreign migrated workers. The company also allocated 58,390 units and 145,975 units to mutual funds.
Interested investors can apply for a minimum of 10 and maximum of 50,000 units of shares.
The issue will close on July 7. However, the deadline will be extended till July 22 for locals of affected upon undersubscription.
Informetric Credit Rating Nepal has assigned BB- rating to the issuer indicating moderate risks.
The company has appointed Laxmi Sunrise Capital as issue manager. The locals of affected area can apply from Wami Branch of Global IME Bank, Galkot Branch of Laxmi Sunrise Bank and Prabhu Bank and power house of Daram Khola.
Foreign migrated workers can apply from all C-ASBA approved BFIs .
