Upper Syange Hydropower Allotted IPO Shares To Project-affected Locals and Nepalese Employed Abroad on Jestha 30

Upper Syange Hydropower Limited has allotted IPO shares to the project-affected locals of the Lamjung District and Nepalese citizens working abroad. The allotment program concluded on 30th Jestha and will be refunding money to the non-allottee applicants from 32nd Jestha, 2080.

The issued capital of the company is Rs. 22 Crores of which 10% i.e. 2,20,000 unit shares worth Rs. 2.2 crores were allocated to project-affected locals of Lamjung District. Meanwhile, 29.55% of the company's issued capital i.e. 650,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 65,000 units shares were allocated for Nepalese citizens working abroad. The issue had opened on 1st Jestha.

As per the notice published today, the company hereby informs that the issued units have been allotted to the valid applicants on 30th Jestha, 2080.

Siddhartha Capital Limited was appointed as the issue manager.

The IPO result can be viewed on the official site of Siddhartha Capital Limited or CDSC.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Upper Syange Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.

Upper Syange Hydropower Limited is a public company, incorporated on January 26, 2009, as Upper Syange Hydropower Private Limited and converted to Public Limited on March 30, 2017. It is promoted by both individual and institutional promoters from different backgrounds. It is setting up of a 2.4 MW Run-of-River (RoR), Upper Syange Hydropower Project (USHP) in BOOT (Build, own, Operate, and Transfer) mechanism and located at Lamjung district of Nepal.

Local's IPO Allotment Notice

Nepalese Employed Abroad's IPO Allotment Notice