Menchhiyam Hydropower Company is closing its IPO to Nepalese Employees Working Abroad
Menchhiyam Hydropower Limited has extended the deadline for residents impacted by the project until 9th Chaitra, 2079.
And is closing the offer of its IPO to Nepalese people working abroad as of today, 25th Falgun. The problem had begun on Falgun 10, 2079.
10%, or 5,42,583 unit shares worth Rs. 5.42 crores, of the company’s Rs. 54.25 crores in issued capital have been distributed to Sankhuwasabha District residents who are impacted by the project.
A later date will see the issuance of 10,85,167 unit shares, representing 20% of the company’s outstanding capital. 10% of the shares, or 108,517 units, of this public offering, have designate for Nepali nationals working overseas offering will end today.
For both project-affected residents and Nepali nationals working abroad, the lowest application quantity is 10, while the maximum application quantity is 10,000.
The issue manager has been selected as NIC Asia Capital Ltd. After this IPO, the promoter-public share ratio will be 70:30.
According to CDSC, a total of 466,560 units have received 16,863 applications from Nepali nationals working overseas. The issue has therefore received 4.29 times more subscriptions than it can accommodate.
Menchhiyam Hydropower Limited’s issuer rating of “CARE-NP BB (Is)” has been confirmed by CARE Ratings Nepal Limited (CRNL).
In Nepal, issuers with this grade are thought to have a moderate risk of default with regard to the timely payment of financial obligations.
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