Modi Energy Issuing IPO Shares to the Locals of Parbat District and Nepalese Employed Abroad from Falgun 25
Tue, Feb 28, 2023 10:52 AM on IPO/FPO News, Latest,
Modi Energy Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Parbat District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open on 25th Falgun, and close on 9th Chaitra, 2079. Note that for the locals of Parbat District, if the issue is not subscribed by the early closing date, the issue can be extended till 24th Chaitra. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
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 open on the date mentioned above.
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.
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.
