Pure Energy Limited Issuing IPO Shares to Locals of Banke District And Nepalese Employed Abroad From Falgun 20
Sun, Feb 23, 2025 9:22 AM on IPO/FPO News, Highlight News,
Pure Energy Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Banke District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open from the 20th Falgun to the 5th Chaitra, 2081. Note that for the locals of Banke District, if the issue is not subscribed by the early closing date, the issue can be extended till Chaitra 20. 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. 80 Crore of which 2% i.e. 1,60,000 unit shares worth Rs. 1.60 Crores have been allocated to project-affected locals of Banke District.
Meanwhile, 18% of the company's issued capital i.e. 14,40,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 1,44,000 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 16,000 units whereas for the Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units and the maximum quantity is 7,200 units.
Nabil Investment Banking Limited has been appointed as the issue manager.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB+ (Is)’ to Pure Energy Limited (PEL). Issuers with this rating are considered to offer moderate risk of default regarding timely servicing of financial obligations, in Nepal. CRNL has also revised the rating assigned to long-term bank facilities of PEL to ‘CARE-NP BB+’ from ‘CARE-NP BB’.
Pure Energy Ltd (PEL) was established on June 19, 2018. It is backed by individual promoters associated with the Golyan group and REnergo Developers Pvt Ltd. The company's focus is on the establishment of a 20 MW grid-connected solar photovoltaic (PV) project in the Raniyapur Village Development Committee, located in the Banke district of Nepal. Both solar projects are currently in operation.
