Molung Hydropower Allots IPO

Mar 03, 2023 10:49 AM Merolagani

Molung Hydropower Company has allotted recently issued initial public offering (IPO) today, March 3 in the premises of Sunrise Capital, issue manager of the company.

The company issued 2,264,655 units will be issued to the general public from February 16-22. During the issue, a total of 1,424,351 applicants applied for 15,579,800 units of shares out of which 7005 applications have been cancelled and 1,447,346 applications were approved.

Given that the issue is oversubscribed, allotment took place as per Securities issuance and Allotment Guidelines. Under the guideline, only 226,465 applicants were provided 10 units of shares through lottery. Additionally, lucky 5 applicants were also provided one more unit of share which totals their number of shares to 11.

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