Upper Lohore Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Shrawan 05
Thu, Jul 6, 2023 10:19 AM on Latest, IPO/FPO News,
Upper Lohore Hydropower Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 21st Ashad, 2080, and has extended the IPO issue deadline for project-affected locals of Dailekh District till 5th Shrawan. The issue had opened on 7th Ashad, 2080.
The issued capital of the company is Rs. 50.98 Crores of which 10% i.e. 509,804 unit shares worth Rs. 5.09 crores have been allocated to project-affected locals of Dailekh District. Meanwhile, 39% of the company's issued capital i.e. 19,88,236 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 198,824 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
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 25,000 units.
NIC Asia Capital Limited is appointed as the issue manager. The promoter-public share ratio will be 51: 49 after this IPO.
According to CDSC, 23,846 applications have been received through Nepalese citizens working abroad for a total of 585,570 units so far.
CRNL has assigned a ‘CARE-NP BB- (Is)’ rating to Upper Lohore Khola Hydropower Company Limited (ULKH). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Upper Lohare Hydropower Company Limited was established on November 10, 2017, as a private limited company. Later, the company was converted into a public limited company. The company is developing an Upper Lohore Hydropower Project in the Dailekh district. The project is a run-of-the-river type project with an installed capacity of 4MW.
