Deadline Extended for 97.32 Lakh IPO Unit Shares of Sonapur Minerals and Oil; Issue Oversubscribed By 1.05 Times So Far
Wed, Oct 4, 2023 7:27 AM on IPO/FPO News, Latest,
Sonapur Minerals and Oil Limited has extended the deadline of its 97,32,544 unit IPO shares issue till 28th Ashwin, 2080. The issue opened on 14th Ashwin, 2080. The early closing date of this issue was today i.e. on the 17th Ashwin.
Earlier, the company had issued 15,37,525 unit shares to the project-affected locals of Dang and Rolpa District out of which only 1,34,520 units were allotted to valid applicants. Thus, the remaining 14,03,005 units of unsubscribed shares of project-affected locals are added to 1,07,62,675 units (35% of the issued capital which is reserved for the general public) to make a total of 12,165,680 units for the general public.
Out of the total 12,165,680 units; 10% i.e. 1,216,568 units have already been issued and allotted to Nepalese citizens working abroad, 608,284 units have been set aside for the mutual funds while 608,284 units have been set aside for the employees of the company. The remaining 97,32,544 units are for the general public.
The shares will be issued for Rs. 225 per share (Rs 100 face value + Rs 125 premium price) for employees of the company and for the general public at a price of Rs. 237.58 (Rs. 100 face value + Rs. 137.58 premium price).
NIMB Ace Capital is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1,500,000 units.
According to CDSC, 857,797 applicants have applied for a total of 10,172,110 units. Thus, the issue has been oversubscribed by 1.05 times as of 10 AM this morning.
Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned a long-term rating of IRN BBB-(Triple B Minus) to the long-term bank facilities and a short-term rating of IRN A3 (A Three) to the short-term bank facilities.
Sonapur Minerals and Oil Private Limited, incorporated in June 2008, was later converted to Sonapur Minerals and Oil Limited on July 22, 2022. The company is presently engaged in manufacturing and selling OPC under the brand name “Sona Cement” and PPC under the brand name “Sona Shree Cement”. The business operation of the company is managed by its Managing Director, Mr. Nipesh Tayal.
