Ghalemdi Hydro to issue 5.50 lakh unit IPO for locals


    Ghalemdi Hydro Limited will be issuing 5,50,000 unit shares as Initial Public Offering for the locals of the project affected area. The hydropower company will be issuing IPO to the locals of Myagdi district Annapurna Rural municipality from, Ashadh 22, 2075 till Shrawan 4, 2075.

    The applicants can apply for a minimum 50 units of shares and maximum 2,750 unit of shares. The hydropower company is issuing the mandatory 10% issue for the locals of the project affected area.

    Vibor Capital has been appointed as the issue manager for the IPO issuance.

    The shareholders holding the shares will not be able to exchange the shares in secondary market unless the expiry of 3 years time from allotment.

    The applicants can collect and submit their application forms from Global IME Bank, Beni, Prabhu Bank, Beni, Garima Bikas Bank, Pokharebagar and Machhapuchchhre Bank, Beni.

    ICRA Nepal has assigned Grade 4 rating to the IPO issuance of Ghalemdi Hydro which represents below average fundamentals.

    After the issuance to the locals, the company will be issuing 20% shares as IPO for the general public including employees. the paid up capital of the company will stand at Rs 55 crore after the issuance of IPo for the general public.

    Ghalemdi Hydro Limited has been developing a 4 MW capacity project located at ward no 7, Narchyang VDC of Myagdi district.

    Source: Sharesansar