The board of directors meeting of the company held on November 24 decided to issue 1:1 i.e. 100 percent right shares of the paid-up capital maintained after recently announced bonus share distribution.
The company has announced distributing 5 percent stock dividend of its current paid-up capital worth Rs 2.9 billion. The paid-up capital of the company will reach Rs 3.045 billion after the bonus share distribution. After the right issue, its paid-up capital will reach Rs 6.09 billion.
According to the company, its is issuing the right shares to make investments in other hydropower projects. The remaining amount will be used to repay loans.
The proposal is subjected to approval from its upcoming AGM.
