ShareSansar June 12:
Upper Tamakoshi had floated Initial Public Offering (IPO) for the staff of lending institutions from Falgun 11. The IPO was supposed to close on Falgun 25 but it was extended till Chaitra 15.
An official with Citizens Investment Trust, issue manager for the IPO, said that the allotment will take place today at 5 PM in the premises of Indreni, Tinkune.
A total of 2 lakhs 10 thousand applications were recieved out of which 1 lakh 92 thousand applications were recived from the depositors of Employees Provident Fund. There is a high chance that depositors who have applied for shares worth Rs 5 Lakhs will be alloted a 280/290 shares.
The IPO had a total collection of Rs 17 arba which is 8 times more than the IPO amount. Due the delay in the allotment 17 arba rupees has been stuck and the investors have not been able to utilize their money.
The 456-megawatt hydropower company has allocated 18,299,520 units to the depositors of the EPF (as of July 30, 2010) and 3,049,920 units to the staff of lending institutions and 4,066,560 units to the staffs of UTKHPL and its largest promoter NEA.
| S.NO |
Allocated Institutions |
Share in % and Units |
| 1. |
Project affected locals of Dolkha |
10% (10.59 million units) |
| 2. |
Employees of NEA/ Tamakoshi |
3.9% (4.07 million units) |
| 3. |
Depositors of Employees Providend Fund |
17.9% (18.95 million units) |
| 4. |
Employees of Lending Institutions (NTC, Rastriya Beema Sansthan, CIT, EPF) |
2.2% (2.31 million units) |
| 5. |
General Public |
15% (15.89 million units) |
| |
Total |
49% (51.81 million units) |
However, the allocation of primary shares has not taken place after it has fallen into controversy as project-affected locals were complaining about 'unfairly' high allocation of shares to staff members of lending institutions.
Upper Tamakoshi Hydropower IPO is managed by Citizen Investment Trust and NCM Merchant Banking.
