Sarbottam Steels Limited Calls 3rd AGM on Poush 25, Major Agenda To Issue IPO

Sarbottam Steel Limited has called its 3rd AGM on 25th Poush, 2080. The meeting will be held in the Company Office Hall, Neupane Tower, Tinkune, Kathmandu, starting at 11:30 a.m. that day.

Among the other agendas, there is an agenda to issue an Initial Public Offering (IPO) to the general public.

Furthermore, there is an agenda to endorse the auditor's report with PL statements, financial reports, and cash flow reports and appoint an auditor for the fiscal year 2080/81. There is also an agenda regarding empowering the Board of Directors to enact essential amendments, additions, reductions, or alterations in the Articles of Association and Regulations throughout the issuance of the Initial Public Offering (IPO) of securities.

ICRA Nepal has reaffirmed the long-term rating of [ICRANP] LBB- (pronounced ICRA NP L double B minus) to the longterm limits of Sarbottam Steels Limited (SSL or the company). ICRA Nepal has also reaffirmed the short-term rating of [ICRANP] A4 (pronounced ICRA NP A four) to the short-term fund-based and non-fund-based limits of the company.

Sarbottam Steels Limited (SSL) was established in 2017 as a private limited company which was promoted by the Saurabh Group and converted into a public limited in July 2021. SSL manufactures billets and TMT with an installed capacity of ~264,000 MT (metric tonne) and ~235,000 MT respectively. The production facility uses locally purchased scrap iron and imported (mainly from India) sponges to produce the finished goods (billets and TMT). SSL’s production facility, in Beluwa of Parsa district, commenced commercial operations in August 2022. Mr. Bishnu Prasad Neupane, chairman and the managing director of the company, holds ~25% of the paid-up capital while the rest is held by multiple individual/institutional shareholders.

AGM Notice: