Lower Erkhuwa Hydropower Appoints Muktinath Capital as Issue Manager for IPO Shares

Lower Erkhuwa Hydropower has appointed Muktinath Capital Ltd. as the issue and sales manager for the issuance of its IPO shares. The company plans to issue 28,05,750 ordinary shares to the general public at a face value of Rs. 100 per share, constituting 21.5% of its total issued capital of Rs. 1 Arba 30 crores 50 lakhs.

In the share issuance agreement, Lower Erkhuwa Hydropower's Managing Director, Mr. Bishweshwar Subedi, and Muktinath Capital's Chief Executive Officer, Mr. Mr. Kabindra Dhoj Joshi, have signed the agreement. The company will issue 10% (13,05,000 shares) for project-affected residents and 11.5% (15,00,750 shares) for the general public.

Lower Erkhuwa Hydropower Company, situated in Bhojpur district, is in the final stage of the construction of the Lower Erkhuwa Hydroelectric Project, with a capacity of 14.15 megawatts. National Hydro Power Company Ltd. (NHPC) is the main promoter of this company. The project has completed 85% of the work, including tunnel excavation, civil construction, purchase of electro-mechanical equipment, and hydro-mechanical equipment, as well as the management of transmission lines. The project, expected to cost around Rs. 2 Arba, has received financial support through loans from Machhapuchchhre Bank Ltd., Nepal SBI Bank Ltd., and Jyoti Bikas Bank Ltd. The company aims to start the commercial production of electricity within the current fiscal year from this project.