IPO Allotment: Kalinchowk Darshan Allotted Shares to Project-affected Locals and Nepalese Employed Abroad

Kalinchowk Darshan Limited has allotted IPO shares to the project-affected locals and Nepalese citizens working abroad. The allotment program concluded on Poush 20, 2079.

The issued capital of the company stands Rs. 60 Crores of which 2% i.e. 1,20,000 unit shares worth Rs. 1.2 crores were allocated to project-affected locals. Meanwhile, 18% of the company's issued capital i.e. 10,80,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 1,08,000 units shares were allocated for Nepalese citizens working abroad, the issue of which was opened from Mangsir 14.

As per the notice published today, the company hereby informs that the issued units have been allotted to the valid applicants on Poush 20.

CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB+(Is)’ to Kalinchowk Darshan Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.

Kalinchowk Darshan Limited is a public limited company, incorporated on January 20, 2015. It is promoted by individual and institutional promoters from different backgrounds for setting up and operating a Cable Car Project at Kalinchowk, Dolakha, Nepal. The project includes about a 1 Km long cable car journey, having a total of 4 Gondolas (2 gondolas per system) to transport passengers from the bottom station at Kuri Valley to the Kalinchowk Temple at the top. It has the capacity to transport 192 passengers per hour in one way trip.

Allotment Notice