Sanima Middle Tamor Hydropower to Issue IPO Shares to Locals of Taplejung District and Nepalese Employed Abroad from Magh 04
Mon, Jan 9, 2023 10:21 AM on IPO/FPO News, Latest,
Sanima Middle Tamor Hydropower Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Taplejung District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open on 4th Magh and close on 18th Magh, 2079. Note that for the locals of Taplejung District, if the issue is not subscribed by the early closing date, the issue can be extended till the 4th Falgun. 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. 3.33 Arba of which 10% i.e. 33,32,500 unit shares worth Rs. 10 crores have been allocated to project-affected locals of Taplejung District. Meanwhile, 15% of the company's issued capital i.e. 49,98,750 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 499,875 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.
The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 20,000 units.
Sanima Capital Limited has been appointed as the issue manager. The promoter-public share ratio will be 70: 30 after this IPO.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP BB’ to the long-term bank facilities of Sanima Middle Tamor Hydropower Limited.
Sanima Middle Tamor Hydro Power Ltd is a Public Limited company, incorporated on May 05, 2016. It is promoted by individual promoters from different background, institutional investors majorly related to Sanima Hydro group and other institutes which includes Banks and Insurance companies for setting up a 73 MW run-of-river, Middle Tamor Hydropower Project in the Taplejung district of Nepal. The project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
