Last day to Apply for IPO of Vision Lumbini Urja for Foreign Migrated Workers; Deadline Extended for locals of Affected Area

Sep 19, 2023 09:19 AM Merolagani

Today is the last day to apply for initial public offering (IPO) of Vision Lumbini Urja Company for foreign migrated workers of Nepal. Meanwhile it has extended the deadline for locals of affected areas till October 4.

The company started issuing an the ordinary shares to locals of affected area and foreign migrated workers from  September 5.

The company is issuing 10 percent of its issued capital which is 1,912,500 units of shares at Rs 100 to locals of affected area. The locals of affected area from ward no 1, 2, 3, 4 of Machapuchchhre Rural Municipality and ward no 19 of Pokhara Municipality can apply for the shares.

Moreover, the company is issuing 10 percent of general public quota i.e. 191,250 units to foreign migrated workers of Nepal.

Interested investors can apply for a minimum of 10 and maximum of 380,000 for locals and 19,120 units for foreign migrated workers.

Informatics Credit Rating Nepal has assigned BB rating to the issuer indicating moderate risks.

The company is promoting 25 MW Seti River Hydropower Project which has a total estimated cost of Rs 5.20 billion and per MW total estimated cost of Rs 208 million.

The payback period of the project is 7.46 years and discounted payback period is 12.14 years. Its license will end in 33 years.

The company has appointed Muktinath Capital as issue manager. Locals of affected area can apply from the project site, designated branches of Muktinath Bikas Bank and Nepal Finance. Moreover, they can apply from all ASBA-approved BFIs. They are required to pay Rs 2 per form.

Similarly, the foreign migrated workers can apply from all C-ASBA approved BFIs and Meroshare.

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