Ridi Power Company Closing Issue of 1: 0.50 Right Shares from Today
Thu, Mar 21, 2024 7:57 AM on Dividend, Bonus & Rights, Latest,
Ridi Power Company Limited (RIDI) is closing the issue of a 1:0.50 ratio of right share to its shareholders at a par value of Rs. 100 from today i.e. on 8th Chaitra, 2080. The issue opened on 18th Falgun, 2080.
The company is issuing 50% right shares worth Rs. 77.44 Crores through the issue of 7,744,506 (1: 0.50) units of right shares to its existing shareholders. The current paid-up capital of Rs. 1.54 Arba. After the adjustment of the proposed right share i.e. 77.44 lakhs units, the company's paid-up capital will increase to Rs. 2.32 Arba.
The hydropower company decided to issue 50% right shares so that the company could invest in the Tallo Balephi hydropower project of Sajha Power Development Company.
According to the CDSC, a total of 56,314 applicants applied for 45,51,315 units of right shares, equivalent to Rs. 45.51 crore. Despite this substantial interest from the applicants, the issue was only subscribed to 58.76% of its total offering as of 5 PM Yesterday.
Muktinath Capital Limited is appointed as the issue manager for this right issue.
The book closure date was scheduled on Magh 22, 2080. Thus, the shareholders maintained until the same are deemed eligible for the rights offering.
