Menchhiyam Hydropower will issue IPO shares to residents of the Sankhuwasabha District and Nepalese working abroad from 10th falgun.
Menchhiyam Hydropower Company has release an offer letter to issue an Initial Public Offering (IPO). To the Sankhuwasabha District residents who are impacte by the project and Nepalese nationals who are employe overseas.
The initial public offering (IPO) for residents and Nepalese nationals working abroad would available from Falgun 10 to Falgun 25, 2079. It should note that for Sankhuwasabha District residents, the problem may prolonge till the ninth Chaitra if the early closing date is not met.
The issue, nevertheless, won’t continue through the early closure date for Nepalese nationals employe overseas.
10%, or 5,42,583 unit shares worth Rs. 5.42 crores, of the company’s Rs. 54.25 crores in issued capital have distribute to Sankhuwasabha District residents who are impacte 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 been designated for Nepalese nationals working abroad. The offering will begin on the aforementioned date.
Project-affected locals and Nepalese nationals working abroad should submit applications in quantities of at least 10 units and up to 10,000 units.
The issue manager is NIC Asia Capital Ltd. After this IPO, the promoter-public share ratio will 70:30.
Menchhiyam Hydropower Ltd’s issuer rating of “CARE-NP BB (Is)” has confirme 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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