Bhagawati Hydropower Development Company IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Shrawan 14
Sun, Jul 23, 2023 11:07 AM on Latest, IPO/FPO News,
Bhagawati Hydropower Development Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 7th Shrawan, 2080, and has extended the IPO issue deadline for project-affected locals of Kaski District till the 14th Shrawan. The issue had opened on 24th Ashad, 2080.
The issued capital of the company is Rs. 57.20 Crores of which 10% i.e. 572,065 unit shares have been allocated to project-affected locals of Kaski District. Meanwhile, 15% of the company's issued capital i.e. 858,097 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 85,810 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
The shares will be issued for Rs. 116 per share (Rs 100 face value + Rs 16 premium price).
Siddhartha Capital has been appointed as the issue manager. The IPO issue will raise a total of Rs. 16.58 Crores for the company. Out of this Rs 2.28 Crores will be the premium amount and the rest would add to the paid-up capital.
According to CDSC, 25,965 applications have been received through Nepalese citizens working abroad for a total of 561,520 units so far.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BBB- (Is)’ assigned to Bhagawati Hydropower Development Company Limited. Issuers with this rating are considered to offer a moderate degree of safety regarding timely servicing of financial obligations, in Nepal. Such issuers carry moderate credit risk.
Bhagawati Hydropower Development Company Limited is a public limited company, incorporated on December 18, 2000, as a private limited company and later converted to a public limited company on April 19, 2018. BHCL is involved in the operation of the 4.41 MW run-of-the-river Bijayapur 1 Small Hydroelectric Project in Kaski District which has been in commercial operation since August 21, 2012. The project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
