Modi Energy Limited IPO issue from today for Nepalese employees working abroad & Project Affected Locals
The project-affected residents of Parbat District and Nepalese citizens working abroad will be able to purchase shares of Modi Energy Limited starting today, or on 25 Falgun, and the offering will end on 9 Chaitra, 2079.
It should note that for Ilam District residents if the issue is not subscribe by the early closing date, it may prolonge till the 24th Chaitra.
For Nepali nationals employed overseas, the problem won’t postpone through the early closure date, nevertheless.
10% of the company’s issued capital, or 29,00,000 unit shares worth Rs. 29 crores, have been allotted to Parbat District residents who would be impacted by the project.
The general public will later get 43,50,000 unit shares, representing 15% of the company’s outstanding capital.
10% of the shares, or 435,000 units, have set aside in this public offering for Nepali nationals working overseas; the offering will begin today.
For residents impacted by the project, the lowest application amount is 10 units, and the maximum application quantity is 1000 units.
For Nepalese citizens working abroad, the least application quantity is 10 units, and the maximum application quantity is 100,000 units. As the issue manager, Sunrise Capital Ltd select.
The Issuer Rating of Modi Energy Limited was change 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.
About the Company
Manang Trade Link Pvt Ltd, the predecessor to Modi Energy Ltd, was established on November 4th, 1996. Modi Energy Pvt Limited was subsequently given the name on May 28, 2017.
On June 21, 2018, the business changed its legal status to public limited. Tallo Modi Khola Hydropower Project, a 20 MW run-of-river hydroelectric project.
Has sponsore by institutional sponsors and individual businesses with extensive expertise in a variety of industries (TMKHP).
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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