Right Shares of API Power Company Allotted to Applicants; Remaining 2,15,599 Shares to Be Auctioned
API Power Company Limited has allotted its 1:0.2938 ratio (56,70,000 units) right share issue to its shareholders on 30th Ashar, 2078. The company is refunding money to the non-allottee investors from 3rd Shrawan, 2078.
88,922 shareholders of the company applied for a total of 54,54,401 units. The shares have been allotted to applicants accordingly. Thus, the remaining 2,15,599 right shares will be auctioned.
The company opened its rights offering on 20th Jestha, 2078. The issue was supposed to close on 9th Ashad, 2078. The deadline was extended and the rights offering concluded on 13th Ashad.
The company issued the right shares to generate capital for the construction of the third project, the Upper Chameliya Hydropower Project with a 40 MW capacity. A total of Rs. 740 crore is estimated to be the cost of the project. The company will cover 30% of the total cost by issuing rights shares to its shareholders in two stages; the first phase has already been completed. The rest 70% will be borrowed.
The Upper Chameliya Hydropower Project will generate 26.41 crores units of electricity annually. Of the electricity generated, 30 percent will be generated in six months of winter and the remaining 70 percent in six months of rain. In the first year, Rs. 162 crores revenue will be earned.
The total paid-up capital of API is Rs 192.97 crore, after the issuance of the approved right share, the paid-up capital will increase to Rs 249.67 crore.
