Mid-Solu Hydropower Company IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Shrawan 30

Mid-Solu Hydropower Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 28th Shrawan, 2080, and has extended the IPO issue deadline for project-affected locals of Solukhumbu District till the 30th Shrawan. The issue had opened on 14th Shrawan, 2080.

The issued capital of the company is Rs. 74.84 Crores of which 10% i.e. 7,48,400 unit shares worth Rs. 7.48 Crores have been allocated to project-affected locals of Solukhumbu District. Meanwhile, 10% of the company's issued capital i.e. 7,48,400 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 74,840 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.

NIC Asia Capital Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 10,000 units.

According to CDSC, 29,342 applications have been received through Nepalese citizens working abroad for a total of 653,140 units so far.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Mid Solu Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Mid-Solu Hydropower Limited was incorporated on April 19, 2017, as a private limited company and converted to a public limited on June 30, 2021, to facilitate public participation. The company is currently developing a 9.5-MW Mid-Solu Khola HPP in Solukhumbu district, Province 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40.9% probability of exceedance.

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