Vision Energy And Power Calls AGM With Agenda To Issue IPO To General Public
Fri, Dec 22, 2023 11:38 AM on Latest, IPO/FPO News, AGM/Special AGM,
Vision Energy and Power Limited has called its 8th AGM on 27th Poush, 2080. The meeting will be held via the virtual method i.e. from Zoom, starting from 11:00 AM that day.
Among the other agendas, there is an agenda to issue an Initial Public Offering (IPO) to the general public. During the Initial Public Offering (IPO) of securities, there's an agenda to empower the Board of Directors for necessary changes in the Articles of Association and Regulations.
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.
ICRA Nepal has assigned a long-term rating of [ICRANP] LBB (pronounced ICRA NP L Double B) to Vision Energy and Power Private Limited’s (VEPPL) long-term loan and a short-term rating of [ICRANP] A4+ (pronounced ICRA NP A four Plus) to its short-term loans.
Founded in July 2016, Vision Energy and Power Private Limited (VEPPL) boasts a paid-up capital of approximately NPR 1,324 million as of mid-May 2021, entirely held by its promoters. The primary stakeholders comprise M/s Hydroelectricity Investment and Development Company Limited (around 38%), Nupche Likhu Hydro Investment Company (about 17%), and Mr. Tek Nath Acharya (approximately 2%), with the remaining shares collectively owned by 519 individual shareholders.
The company is actively developing the 57.5-MW Nipchu Likhu Hydropower Project in Nepal's Bagmati Province, specifically in the Ramechhap district. This project operates on a run-of-the-river (R-o-R) model, designed at a 45% probability of exceedance (Q45). Its power purchase agreement (PPA) is structured over six months of dry energy and six months of wet energy, maintaining an annual dry energy mix of approximately 37%. With a projected cost of around NPR 10,578 million, the project is set to be financed in a 75:25 debt-to-equity ratio. By mid-May 2021, promoters had injected nearly 50% of the total equity requirement (NPR 1,324 million out of NPR 2,646 million), with plans for gradual infusion in line with project progression.
