Kutheli Bukhari Small Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Ashad 05
Fri, Jun 16, 2023 9:39 AM on Latest, IPO/FPO News,
Kutheli Bukhari Small Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 1st Ashad, 2080, and has extended the IPO issue deadline for project-affected locals of Dolakha District till 5th Ashad. The issue had opened on 19th Jestha, 2080.
The issued capital of the company is Rs. 12.18 Crores of which 10% i.e. 121,868 unit shares worth Rs. 1.21 crores have been allocated to project-affected locals of Dolakha District. Meanwhile, 10% of the company's issued capital i.e. 121,867 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 12,186 units shares are allocated for Nepalese citizens working abroad, the issue of which will close today.
The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 1,000 units.
NMB Capital Limited is appointed as the issue manager. The promoter-public share ratio will be 80: 20 after this IPO.
According to CDSC, 21,753 applications have been received through Nepalese citizens working abroad for a total of 420,800 units so far.
ICRA Nepal has reaffirmed the issuer rating of Kutheli Bukhari Small Hydropower Limited at [ICRANPIR] BBB- (pronounced ICRA NP Issuer Rating Triple B minus), indicating a moderate degree of safety regarding the timely servicing of financial obligations.
Kutheli Bukhari Small Hydropower Ltd. was incorporated on August 11, 2011, as a private limited company and was converted to a public limited company on January 28, 2015, to facilitate public participation. The company is operating a 0.998-MW Suspa Bukhari Khola Small HPP in the Dolakha district, Madhesh Province of Nepal. It is a run-of-the-river (R-o-R) type project with a 40% probability of exceedance (Q40). The project started commercial operation on September 20, 2015, and was developed at a total cost of ~NPR 248 million.
