Molung Hydropower Company Re-Extends Deadline for 8,02,500 Units IPO Shares To The Locals of Okhaldhunga District
Tue, Jan 24, 2023 9:57 AM on Latest, IPO/FPO News,
Molung Hydropower Company Limited has re-extended the issue IPO issue deadline for project-affected locals till Magh 15, 2079. The issue had opened on 19th Poush, 2079.
The issued capital of the company is Rs. 80.25 Crores of which 10% i.e. 8,02,500 unit shares worth Rs. 8.02 crores have been allocated to project-affected locals of Okhaldhunga District. Meanwhile, 34% of the company's issued capital i.e. 27,28,500 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 272,850 units shares have been allocated for Nepalese citizens working abroad, the issue of which closed on 3rd Magh.
For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 1000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity was 10 units while the maximum quantity was 8000 units.
Sunrise Capital Limited is appointed as the issue manager.
ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) to Molung Hydropower Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Molung Hydropower Company Limited was incorporated on November 28, 2019, as a public limited company, has a paid-up capital of NPR 449.4 million, 100% promoter held, as of mid-Apr 2022. The company is operating a 7MW Molung Khola HPP in Okhaldhunga district, Province 1 of Nepal since March 2018. The project is a run of the river (R-o-R) type and has been developed at a 40% probability of exceedance (Q40) with a design discharge of 8.15m3/s and a gross head of 108.45m. With a contract PLF of 58%, the annual contract energy production is ~36GWh with a dry energy mix of 16%. The project was commissioned on March 26, 2018, a month prior to its Required COD of April 2018, and is eligible for all five tariff escalations.
