Rairang Hydropower (RRHP) and Ridi Hydropower (RHPC) Calls SGM on Ashad 17 to Endorse Merger-Related Agendas
Thu, Jun 16, 2022 2:20 PM on Latest, Merger/Acquistion, AGM/Special AGM,
Rairang Hydropower Development Company Limited (RRHP) and Ridi Hydropower Development Company Limited (RHPC) have called its Special General Meeting (SGM) on Ashad 17, 2079. The meeting of both the companies will be held in the company's central office located in Thapathali, Kathmandu, via Zoom Meeting. The RRHP's meeting will begin at 11 a.m., while the RHPC's meeting will begin at 1:30 p.m.
Hydropower companies, like banks and financial organizations, are ready to consolidate.
As a result, the Electricity Regulatory Commission, which oversees hydropower businesses, approved the merger of RHPC and RRHP.
The companies had signed an agreement to merge with each other on Kartik 17, 2078 and trading of both the companies has been halted since then. The companies have formed a joint merger committee to instantiate the merger-related processes. The agreements between RHPC and RRHP decided on a swap ratio of 1:0.93, which means that the shareholders of RRHP will get 100 shares equal to 93 shares of RHPC.
The appraiser P.B.K.P & Associates has been approved to carry out the due diligence audit report (DDA), Memorandum of Understanding (MoU), and Final Scheme of Arrangement for the purpose of the merger between the two companies.
As the authorized, issued, and paid-up capital of the merged company is going to increase, the SGM of the RHPC approves the proposal to amend various articles of the management letter and rules of the company including the approval to change the name of the company.
After the merger of these companies, the total joint paid-up capital will be Rs. 1.14 Arba.
