IPO Allotment of Molung Hydropower Company | On the 24th Magh, shares are distributed to project-affected locals and Nepalese working abroad.
IPO Allotment of Molung Hydropower Company Limited. Locals and Nepalese nationals working overseas who are impacted by the project have received IPO shares from Molung Hydropower Company Limited. On the 24th of Magh in 2079, the allotment program came to an end. Starting on the 29th of Magh in 2079, the non-allottee applicant would receive their money back.
The company’s issued capital is Rs. 80.25 crores, of which 10%, or 8,02,500 unit shares, worth Rs. 8.02 crores, were distributed to Okhaldhunga District residents who were impacted by the project. In the meanwhile, starting in Falgun 04, the general public will get 27,28,500 unit shares or 34% of the company’s issued capital.
10% of the shares, or 272,850 units, of this public offering, were reserved for Nepalese nationals working abroad. This issue began on Poush 19 and ended on the third of Magh, whereas the issue for residents impacted by the project ended on Magh 15, 2079.
The business officially notifies that, in accordance with the notice published today, the issued units were distributed to the qualified applicants on Magh 24. The hydropower has distributed the following shares:
Applicants from Molung Gaupalika’s Wards 1–8:
- Demanded quantity to 1807 candidates who submitted applications for between 10 and 800 units
- 120 applications requesting 900 to 1000 units out of 820 units
Sunkoshi Gaupalika Wards 1–8 Applicants:
- Demanded quantity for 330 units to 1407 individuals who sought for 10 units.
- 10 extra units were given to the 88 lucky candidates who submitted applications for 350 units to 1000 units via the lottery procedure.
Siddhicharan Nagarpalika Wards 1–10 Candidates:
- Demanded quantity to 1652 applicants who submitted applications for 10 to 170 units
- Those requesting between 180 units and 1000 units will receive 180 units.
- 10 extra units were awarded randomly to 460 individuals who had applied for 190 to 1000 units.
ICRA Nepal has updated Molung Hydropower Company Limited’s issuer rating to [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B). The prompt servicing of financial obligations is thought to pose a modest risk of default for issuers with this grade.
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