Modi Energy is closing its 55,59,420 Units of IPO Shares of the General Public from Today
On today, Baisakh 24, 2080, Modi Energy Limited will stop selling 55,59,420 units of its first public offering (IPO) shares with a face value of Rs 100 to the general public. The 19th Baisakh of 2080 saw the opening of this IPO offering.
1,062,761 applicants have submitted applications to CDSC for a total of 11,915,310 units. So far, there has been a 2.14 times increase in the issue’s subscription volume.
Only 804,390 units, or 27.73%, of the 29,00,000 unit shares the corporation had previously distributed to the Parbat District residents affected by the project were granted to eligible applicants.
In order to reach the total of 64,45,610 units for the general public. The remaining 20,95,610 units of unsubscribed shares of locals impact by the project are added. To the 43,50,000 units (15% of the issued capital which is reserve for the general public).
Out of the entire 64,45,610 units, 435,000 units have already distributed and allocated to Nepalese people living and working overseas.
Additionally, mutual funds will get 5% of the shares, or 322,280 units, and corporate personnel will receive 2%, or 128,910 units. 55,59,420 of the remaining units are destine for the general population.
In all, 75% of the company’s shares are own by the promoter stockholders.
The issue manager for the initial public offering (IPO) issuance is Sunrise Capital Limited. Applications can submit for as little as 10 units or as many as 100,000 units.
The Issuer Rating of Modi Energy Ltd has change by CARE Ratings Nepal Ltd (CRNL) to “CARE-NP D (Is)” from “CARENP BB+ (Is)”.
About the Company
Manang Trade Link Pvt Ltd, the predecessor to Modi Energy Ltd, was establish on November 4th, 1996. Modi Energy Pvt Ltd was subsequently give the name on May 28, 2017.
On June 21, 2018, the business changed its legal status to public limited. For the purpose of establishing the 20 MW run-of-river Tallo Modi Khola Hydropower Project (TMKHP). The firm has received support from institutional promoters and individual businesses with extensive expertise in a variety of industries. In the Parbat area of Nepal, the project is being built using the “BOOT” (Build, Own, Operate, and Transfer) construction model. On September 30, 2021, it went into effect.
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