The company obtained approval to issue 4.9 million units of shares worth Rs 490 million, which is 35 percent of the issued capital of Rs 1.40 billion. Out of the total offered shares, 1,400,000 units have been set aside for the locals of the project affected area and 350,000 units have been allotted for the foreign migrated workers. Similarly, 1,95,000 units have been set aside for mutual funds and 1,05,000 units have been allotted for the employees.
Now, in the second phase, the company is issuing 2,870,000 units of shares at a face value of Rs 100 each to the general public.
Interested investors can apply for a minimum 10 units and maximum 2,000 units. The issue will close early on May 27 and lately on June 5.
Care Ratings Nepal has assigned CareNP Double B Issuer rating to the company. This indicates that there is a moderate risk to the company's ability to meet its obligations.
The total cost of the 15.33 MW Kalangagad Hydropower Project, operated by the company, is Rs 4.33 billion and the cost per megawatt is Rs 283 million 62 thousand 120.68. The license of the hydropower project will end at 25 years and one month. The project has a maturity of 9.29 years and a discount return period of 18.01 years. The project has been producing commercially since February 10, 2023.
The company has appointed Sanima Capital as the issue manager. The interested investors can apply for all C-ASBA approved BFIs and Meroshare.
