Modi Energy IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Chaitra 16
Thu, Mar 23, 2023 8:19 AM on Latest, IPO/FPO News,
Modi Energy Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 9th Chaitra and has extended the IPO issue deadline for project-affected locals till 16th Chaitra, 2079. The issue had opened on 25th Falgun, 2079.
The issued capital of the company is Rs. 2.9 Arba of which 10% i.e. 29,00,000 unit shares worth Rs. 29 crores have been allocated to project-affected locals of Parbat District. Meanwhile, 15% of the company's issued capital i.e. 43,50,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 435,000 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
For the project-affected locals, the minimum application quantity to be applied is 10 units while the maximum quantity is 1000 units whereas for the Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units and the maximum quantity is 100,000 units.
Sunrise Capital Limited has been appointed as the issue manager.
According to CDSC, 17,740 applications have been received through Nepalese citizens working abroad for a total of 782,480 units. Thus, the issue is already oversubscribed by 1.79 times so far.
CARE Ratings Nepal Limited (CRNL) has revised the Issuer Rating of Modi Energy Limited to “CARE-NP D (Is)” from “CARENP BB+ (Is)”. Issuers with this rating are considered to be in default or are expected to be in default soon.
Modi Energy Limited was incorporated as Manang Trade Link Pvt Ltd on November 04, 1996. Later on, the name was changed to Modi Energy Pvt Ltd on May 28, 2017. The company got converted into a public limited on June 21, 2018. The company has been promoted by institutional promoters and individual businessmen having long experience in various sectors for setting up the Hydroelectric Project (HEP) of the 20 MW run-of-river, Tallo Modi Khola Hydropower Project (TMKHP). The project is being constructed under the “BOOT” (Build, Own, Operate, and Transfer) model and is located in the Parbat district of Nepal. It came into operation on September 30, 2021.
