Last day for Foreign Migrated Workers to apply for IPO of Upper Syange Hydropower; Deadline Extended for Locals

May 30, 2023 08:51 AM Merolagani

Today is the last day to apply for issuing initial public offering (IPO) ofUpper Syange Hydropower for government registered foreign migrated workers of Nepal.

Meanwhile, it has extended the deadline of the IPO for locals of affected area till June 2. 

The company is issuing 10 percent of issued capital worth Rs 220 million to the locals of affected area. Accordingly, it will issue 220,000 units of shares worth Rs 22 million having a face value of Rs 100. The shares are applicable by Marshyandi Rural Municipality (former ward no 1 and 2 of Ghanapokhara VD, ward no 3 of Khudi VDC, ward no 4 of Taghring VDC, ward no 5 of Gharemu VDC, ward no 6 of Bahundanda VDC, ward no 7 and 8 of Bhulbhule VDC and ward no 9 of Simpani VDC) of Lamjung District.

Moreover, the company is issuing 65,000 units, 10 percent of the general public quota, to foreign migrated workers.

The minimum applicable units for locals of affected area is 10 units while the maximum number is 100,000 units. Similarly, the minimum applicable units for foreign migrated workers is 10 units while the maximum number is 50,000 units.

Care Ratings has assigned BB rating to the issue indicating moderate risks.

The company is developing 2.40 MW Upper Syange Khola Small Hydropower in ward no 4 of Marshyandi Rural Municipality, Lamjung. The total estimated cost of the project is Rs 514.8 million and per MW estimated cost is Rs 210.3 million. The payback period of the project is 7.74 years and discounted payback period is 16.91 years. The license of the project will end in 29 years and 7 months.

The company has appointed Siddhartha Capital as the issue manager. The locals of affected area can apply from the issue manager and designated branches of Siddhartha Bank, Kamana Sewa Bikas Bank, NMB Bank and Himalayan Bank and ASBA approved BFIs by paying Rs 2 per form.

Moreover, the foreign migrated workers can apply from all C-ASBA approved BFIs.


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