The first AGM of the company increased its authorized and issued capital to Rs 15 billion from the previous Rs 3 billion. However, the SGM held on December 28 approved a proposal of maintaining authorized capital of Rs 15 billion and issued capital of Rs 10 billion.
The company sought approval from the court to maintain the issued capital of Rs 10 billion on November 14. Accordingly, it obtained approval from the court on December 28.
The court order has paved the way for the company to issue an IPO. The company will issue 16 million units of primary shares worth Rs 1.6 billion.
The company sought IPO approval worth Rs 1.60 billion from Securities Board of Nepal (SEBON).
ICRA Nepal has assigned Grade 2 rating to the IPO indicating above average fundamentals. The company has appointed RBB Merchant Banking as its issue manager.
The company has paid-up capital of Rs 8.40 billion that will reach Rs 10 billion after IPO.
