Sonapur Minerals and Oil Limited Extends IPO for Project-affected Locals; Issuance Closes for Nepali Migrants Workers
Mon, Aug 28, 2023 10:40 AM on Latest, IPO/FPO News,
Sonapur Minerals and Oil Limited has extended its IPO issue deadline to the project-affected locals of Dang and Rolpa District till 26th Bhadra, 2080. In the same manner, the company is closing its 10,76,268 units of IPO Shares to Foreign Nepalese Immigrants from today (11th Bhadra, 2080). The issue opened on the 29th of Shrawan, 2080.
The issued capital of the company is Rs. 3.07 Arba of which 5% i.e. 15,37,525 unit shares worth Rs. 15.37 Crores have been allocated to project-affected locals of Dang and Rolpa District.
Meanwhile, 35% of the company's issued capital i.e. 1,07,62,675 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 10,76,268 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
The shares are issued for Rs. 225 per share (Rs 100 face value + Rs 125 premium price) to the locals and for the Nepalese citizens working abroad at a price of Rs. 237.58 per share (Rs 100 face value + Rs 137.58 premium price).
For the project-affected locals, the minimum application quantity to be applied was 10 units while the maximum quantity is 15,00,000 units whereas for the Nepalese citizens working abroad, the minimum application quantity to be applied was 10 units and the maximum quantity was 10,76,268 units.
NIMB Ace Capital is appointed as the issue manager.
According to CDSC, 30,180 applications have been received through Nepalese citizens working abroad for a total of 16,88,300 units so far.
Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned a long-term rating of IRN BBB-(Triple B Minus) to the long-term bank facilities and a short-term rating of IRN A3 (A Three) to the short-term bank facilities.
Sonapur Minerals and Oil Private Limited, incorporated in June 2008, was later converted to Sonapur Minerals and Oil Limited on July 22, 2022. The company is presently engaged in manufacturing and selling OPC under the brand name “Sona Cement” and PPC under the brand name “Sona Shree Cement”. The business operation of the company is managed by its Managing Director, Mr. Nipesh Tayal.
