For Nepalese working abroad, the Modi Energy IPO closes today; the deadline has been extended till Chaitra 16 for the Project Affected Locals.

For Nepalese working abroad, the Modi Energy IPO closes today. the deadline has been extended till Chaitra 16 for the Project Affected Locals.

The IPO issuance date for project-affected locals has been extended till 16th Chaitra, 2079. While Modi Energy Limited is ending the offer of its IPO to Nepalese people working overseas as of today, 9th Chaitra. On Falgun 25, 2079, the problem had begun.

10% of the company’s issued capital, or 29,00,000 unit shares worth Rs. 29 crores, is allotted to Parbat District residents who are impacted by the project.

In the meanwhile, 43,50,000 unit shares, or 15% of the company’s outstanding capital, will eventually be made available to the general public. 10% of the shares, or 435,000 units, were designated for Nepali nationals working overseas in this public offering, which closes today.

For locals impacted by the project, the lowest application amount is 10 units. And the maximum application quantity is 1000 units.

For Nepalese citizens working abroad, the Minimum Quantity of applications is 10 units, and the maximum quantity is 100,000 units.

As the issue manager is Sunrise Capital Ltd.

A total of 782,480 units have received 17,740 applications through Nepali nationals working overseas, according to CDSC. Hence, there have been 1.79 times more subscriptions than there are available copies of the issue.

Rating

The Issuer Rating of Modi Energy was changed from “CARENP BB+ (Is)” to “CARE-NP D (Is)” by CARE Ratings Nepal Ltd. Issuers with this rating are regarded as being in default or as soon as possible.

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