Upper Syange Hydropower is issuing IPO Shares from Jestha 01 to Residents of Lamjung District & Nepalese Working Abroad
The Lamjung District inhabitants and Nepalese nationals working abroad have received an offer letter from Upper Syange Hydropower Limited to participate in an Initial Public Offering (IPO).
In 2080, from the first Jestha to the sixteenth Jestha, the IPO issuance will be available to locals and Nepalese nationals living and working overseas. The issue may be prolonged for Lamjung District residents until the 30th Jestha if it is not subscribed by the early closure date. But the issue won’t continue over the early closing date for Nepalese nationals who work abroad.
The firm has a Rs. 22 crore issued capital, of which 10%, or 2,20,000 unit shares, worth Rs. 2.2 crores, have distribute to Lamjung District residents who are impact by the project.
The general public will receive 650,000 unit shares, or 29.55% of the company’s issued capital, at a later date. 10% of the shares, or 65,000 units, have set aside for Nepalese nationals working overseas. The public offering will begin on the aforementioned date.
The minimum and maximum application quantities for the project’s impacted localities are 10 and 100,000 respectively. The lowest and maximum application quantity for Nepalese nationals working abroad is 10 and 50,000 Units.
As the issue manager of this issue is Siddhartha Capital Ltd. After this IPO, the ratio of promoter to public shares will be 60.45:39.55.
Upper Syange Hydropower Limited’s issuer rating of “CARE-NP BB (Is)” has confirmed by CARE Ratings Nepal Limited (CRNL). The prompt servicing of financial obligations is thought to pose a modest risk of default for issuers with this grade in Nepal.
On January 26, 2009, Upper Syange Hydropower Private Ltd was establish. On March 30, 2017, the firm changed its status to Public Limited. It is advocated by individuals and organizations with a variety of backgrounds.
It is establishing a 2.4 MW Run-of-River (RoR), Upper Syange Hydropower Project (USHP) in Nepal’s Lamjung district using the BOOT (Build, Own, Operate, and Transfer) system.
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