The company started issuing 40 percent i.e. 16,533,137 units of right shares at a face value of Rs 100 from August 17.
According to CDSC, a total of 93,873 applicants have applied for 8,630,740 units of right shares. It is 52.20 percent of total offered shares which means still 47.80 percent right shares are yet to be subscribed.
The company closed its book on July 7, thus, the shareholders registered in its book till July 6 will be eligible to apply for the right shares.
Right now, the company has a paid-up capital of Rs 4.13 billion that will reach Rs 5.78 billion after the right issue.
Care Ratings Nepal has assigned BB+ rating to the issue indicating moderate risks.
The company has appointed Muktinath Capital Market as the issue manager. The interested existing shareholders can apply from Muktinath Capital, designated branches of Muktinath Bank, all C-ASBA approved BFIs and Meroshare.
Api Power is operating 8.5 MW Naugadh Small Hydropower Project, 8MW Upper Naugadh Hydropower Project, 4MW Gandranigahpur Solar Project, 1MW Dhalkewar Solar Project and 1 MW Simara Solar Project. Currently, it is developing 40 MW Upper Chamaliya Hydropower Project.
