IPO for the Mai Khola Hydropower Project is now available to locals impacted by the project and Nepalese working abroad
From today, or 25th Falgun, till its closing on 9th Chaitra, 2079, Mai Khola Hydropower Company will be releasing its initial public offering to the project-affected inhabitants of Ilam District and Nepalese citizens living overseas.
It should be noted that for Ilam District residents, the problem may be prolonged until the 24th Chaitra if the early closure date is not met.
The issue, nevertheless, won’t be continued through the early closure date for Nepali nationals who are employed overseas.
10%, or 392,157 unit shares, worth 3.92 crores, of the company’s 39.21 crores in issued capital have been given to Ilam District residents whom the project will impact.
39% of the company’s issued capital, or 15,29,411 unit shares, will be released to the public later. 10% of the shares in this public offering, or 152,941 units, have designate for Nepali nationals working overseas. The offering will start today.
For the project’s locations, the minimum and maximum application quantities are 10 and 10,000 units, respectively.
The lowest application quantity for Nepali nationals working abroad is 10, while the maximum application number is 50,000.
As the issue manager, Prabhu Capital Ltd has been chosen. After this IPO, there will be a 51:49 promoter-public share ratio.
The Mai Khola Hydropower Limited has been given an issuer rating by ICRA Nepal of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus).
The timely servicing of financial obligations by issuers with this grade is thought to pose a modest risk of default.
About the Company
In the year 2073 B.S., a private corporation called Mai Khola Hydropower Ltd was founded. The Super-Mai Cascade Hydropower Project (3 Mw), the first (pilot) project of Mai Khola Hydropower Ltd., will get underway very soon.
It is intended to draw water from the Super Mai Hydropower Project’s (7.8 MW) Tailrace Canal and produce 18.30 GWh of electricity.
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