IPO Allotment | Shares of Modi Energy were distributed to locals of Parbat District

IPO Allotment | Shares of Modi Energy were distributed to locals of Parbat District

The Parbat District locals who would be impacted by the project have received IPO shares from Modi Energy Limited. The allocation scheme came to an end on Chaitra 19, 2079.

From 25th Falgun to 16th Chaitra, 2079, the business distributed 29,00,000 unit IPO shares or 10% of the issued capital of Rs. 2.9 Arba to the Parbat District residents who will be impacted by the project.

Local residents have the option of applying for 10 shares or up to 1000 shares. The business hereby notifies that only 804,390 units, or 27.73% of the total issue, have allocat to qualified applicants in accordance with the notice that was issued today.

As a result, the remaining 20,95,610 units and 43,50,000 units, or 15% of the company’s issued capital, will shortly made available to the general public.

The Issuer Rating of Modi Energy Limited was changed from “CARENP BB+ (Is)” to “CARE-NP D (Is)” by CARE Ratings Nepal Ltd (CRNL). This grade indicates that an issuer is now in default or soon will be.

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About the Company

On November 4, 1996, Manang Trade Link Pvt Ltd was transform into Modi Energy Ltd. On May 28, 2017, the name was subsequently change to Modi Energy Pvt Ltd. And on June 21, 2018, the business became a public ltd corporation.

For the purpose of establishing the 20 MW run-of-river Tallo Modi Khola Hydropower Project, the firm has push by institutional promoters and individual businesses with extensive expertise in a variety of areas (TMKHP).

The project is being built in Nepal’s Parbat area using the “BOOT” (Build, Own, Operate, and Transfer) construction model. It started working on September 30, 2021.

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