Right Shares of API Power Company Allotted to Applicants; Almost 4.16% of Shareholders Did Not Claim For The Issue
Sun, May 22, 2022 10:41 AM on Latest, Dividend, Bonus & Rights, Share Allotment,
API Power Company Limited (API) has allotted its 1: 0.393632 (1,08,60,000 units) right share issue to its shareholders on 5th Jestha, 2079. The company is refunding money to the non-allottee investors from 9th Jestha, 2079.
1,13,153 shareholders of the company applied for a total of 1,04,07,815 units. The shares have been allotted to applicants accordingly. Thus, the remaining 4,52,185 right shares will be auctioned. The company opened its rights offering on 25th Chaitra, 2078 and concluded on 15th Baisakh, 2079.
If the company happens to sells all its unclaimed right shares in the auction at 10% below its last trading price which is Rs 299, then API shall earn Rs 7.64 crore as premium amount from the auction process.
Muktinath Capital was appointed as the issue manager. The company is currently constructing a 40 MW Upper Chamelia project as well as a few MW solar projects in different parts of the nation. Api Power Company has already operationalized the 4 MW Chandrapur Solar Project and is looking forward to becoming a 62.5 MW project by the next year thereby creating more revenue sources for its growth.
