Arun Valley Hydropower Closing Issue of 1: 1 Right Shares from Today
Wed, Mar 20, 2024 7:40 AM on Dividend, Bonus & Rights, Book Closure, Latest,
Arun Valley Hydropower Development Company Limited (AHPC) is closing the issue of a 1:1 ratio of right share to its shareholders at a par value of Rs. 100 from today i.e. on 7th Chaitra, 2080. The issue opened on 17th Falgun, 2080.
The hydropower company is issuing 100% right shares worth Rs. 1.86 Arba through the issue of 18,679,626 (1: 1) units of right shares to its existing shareholders. The current paid-up capital of Rs. 1.86 Arba. After the adjustment of the proposed right share i.e. 1.86 crore units, the company's paid-up capital will increase to Rs. 3.72 Arba.
The meeting of the board of directors held on Baisakh 06 has proposed to issue right shares in the ratio of 1:1 i.e 18,679,626 right shares of Rs. 100 par value worth Rs 1.86 arba so that the company can invest 50% of the issued right shares amount i.e. 93,39,813 unit right shares worth Rs 93.39 crore in the Likhu Khola Hydropower Project (30 M.W.) promoted by PK Hydropower Pvt. Ltd. The remaining 93,39,813 unit shares worth Rs 93.39 crore will be used in paying off the loan taken by the company for the Kabeli 'B'-1 Cascade Hydropower Project in Panchthar.
According to the CDSC, a total of 29,789 applicants applied for 1,15,76,800 units of right shares, equivalent to Rs. 1.15 Arba. Despite this substantial interest from the applicants, the issue was only subscribed to 61.97% of its total offering as of 5 PM Yesterday.
Muktinath Capital Limited is appointed as the issue manager for this right issue.
The book closure date was scheduled on Magh 15, 2080. Thus, the shareholders maintained until the same are deemed eligible for the rights offering.
