Over 660 million worth of shares of Upper Trishuli 3B demanded to purchase

The people showed tremendous interests in the Upper Trishuli 3B Hydropower Project as a whopping over 100,000 applications have been dropped demanding to purchase over Rs 660 million worth of shares, said Global IME Capital, the Project's sales promoter.

The project is being developed under the government's People's Hydropower Programme which aims to generate 3,500 mega watt of electricity by investing Rs 698.8 billion in 19 hydropower projects. The Upper Trishuli III B in Nuwakot, which is being constructed by the Nepal Electricity Authority, is one of them.

There could be an increment in the number of the applications dropped as some banks and financial institutions authorized to collect the applications are yet to submit the details, said Paras Mani Dhakal, the bank's chief executive officer.

The number of the total applications dropped is by around 18 folds than called for, and in case of the amounts collected from the IPO, it is by around two folds, he said. The Project's issued capital is over Rs 2.4 billion.

Prime Minister KP Sharma Oli had applied for 10,000 unit of shares. Likewise, Minister for Energy, Water Resources and Irrigation Barsha Man Pun had applied for 1,000 unit of shares.

Main investment partners of the Project are Nepal Electricity Authority and Nepal Telecom, while Trishuli Hydropower Company is the promoter.

Construction of this 37 megawatts project has started with the completion target of the Falgun 17, 2078 BS, said the company's managing director Mohan Prasad Gautam.

Source: RSS