Panchakanya Mai Hydropower to Issue IPO from July 17

Jul 06, 2018 Merolagani

Panchakanya Mai Hydropower (PMHL) is set to issue initial public offering worth Rs 110 million to the general public from July 17. The issue will close early on July 20 and late on July 31.

The company is issuing 1.1 million units of IPO, out of which it has allocated 4 percent i.e. 44,000 units to employees and 5 percent i.e. 55,000 units to mutual fund. The remaining 1,001,000 units of shares will be issued to the general public.

The company has appointed Sunrise Capital as its issue manager.

The interested investors can apply for minimum of 50 and maximum of 5,500 units of shares. The investors can apply for the shares from all C-ASBA approved BFIs.

According to the company, the amount accumulated from IPO will be utilized to pay bank liability. The company is planning to pay Rs 40 million to Nabil Bank and Rs 70 million to Everest Bank for the loan taken to construct Upper Mai C Hydropower Project.

Presently, the company has a paid-up capital of Rs 990 million that will reach Rs 1.1 billion after the IPO issuance.

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