5.71 lakh unit shares of two hydropower companies to be floated soon; Initial issuance to be made for the local people of Sankhuwasabha district

Thu, Apr 12, 2018 12:33 PM on IPO/FPO News, Latest, Stock Market,
5.71 lakh...

Two hydropower companies are set to float 5.71 lakh unit IPO shares for the local people of the project affected areas. Securities Board of Nepal (SEBON) has already permitted Joshi Hydro Power Development Company and Shuvam Power Limited for floating the Initial Public Offering. Both the projects are based in Sankhuwasabha district.

Joshi Hydro Power Development Company

SEBON has provided permission to issue 3.71 lakh unit shares worth Rs 3.71 crore to the locals of Sankhuwasabha district. This will be the first phase issuance of the hydropower company.

This is the 10% of the total capital of the company hence the IPO issue for the general public will be 7.42 lakh unit (30%).

Joshi Hydropower has been operating a 3MW project in Sankhuwasabha district.

Siddhartha Capital has been appointed as the issue manager for the hydropower company's IPO.

Shuvam Power Company

Similarly, the board has also provided permission to Shuvam Power Company for floating 2 lakh unit shares as the initial public offering for the local of the project affected area in the first phase of issuance.

Considering this issue as the 10% of the paid up capital of the company, the further issuance for the general public will amount to Rs 4 crore.

It has been operating 1MW Piluwakhola Hydroelectric Project in Sankhuwasabha district.

CBIL Capital has been appointed as the issue manager for he IPO issuance.