Sagarmatha Jalbidhyut Company is Closing IPO for Nepalese Employed Working Abroad
From Magh 19, Sagarmatha Jalbidhyut Company Limited will close issuing its initial public offering (IPO) to Nepalese nationals working overseas. The company has extended the deadline for residents impacted by the project until Magh 26, 2079. The issue start on Magh 5th, 2079.
10% of the company’s issued capital, or 11,20,000 unit shares worth Rs. 10 crores, have allot to residents of the Illam District who the project would impact. A later date will see the issuance of 43,68,000 unit shares, representing 39% of the company’s outstanding capital. 10% of the shares, or 436,800 units, of this public offering have been designated for Nepalese nationals working overseas. The offering will end today.
The issue manager is Prabhu Capital Ltd. For a total of 868,280 units, 13,617 applications have been received through Nepalese nationals working overseas, according to CDSC. The problem has therefore received 1.98 times more subscriptions than it can handle.
Sagarmatha Jalabidhyut Company
Sagarmatha Jalabidhyut Company Limited has been given an issuer rating by ICRA Nepal of [ICRANP-IR] BBB- (pronounced ICRA NP issuer rating triple B minus). Issuers with this grade are thought to have a reasonable level of safety when it comes to prompt payment of debts.
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