Upper Tamakoshi Hydropower Company Allots Auctioned Shares to Bidders, Company Refunding Non-Allottees From 22nd Magh

Upper Tamakoshi Hydropower Limited (UPPER) has allotted its 1,70,19,530 units of ordinary rights share issue to the general public. The company is refunding money to non-allottee investors from 22nd Magh, 2080.

1,70,19,530 units of ordinary right shares were auctioned which was the unclaimed portion of the rights offering. The company opened a 1: 1 ratio right share issue to its shareholders from 18th Bhadra to the 22nd Ashwin, 2080. The same unsold right shares were auctioned to the general public from the 13th to the 29th Poush.

Laxmi Sunrise Capital Limited was appointed the auction manager. The bids were opened at the premises of the auction manager from 5th Magh to 7th Magh, 2080.

According to the auction manager, Rs. 147 was the cut-off rate for the ordinary shares. As per this approximately Rs 1 billion has been collected as premium by the hydropower company from this auction process. 

As per the issue manager close to Rs 10 billion will be refunded to thousands of applicants who had bid below Rs 147 for this auction.