HIDCL appoints CIT as IPO issue manager

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    Shares worth Rs 2 billion allotted for general public

    HIDCL2KATHMANDU, Dec 22: Hydropower Investment and Development Company Limited (HIDCL) has appointed Citizen Investment Trust (CIT) as an issue manager for its initial public offering (IPO) of its Rs 2 billion worth 20 million units of shares.

    CEO of HIDCL Deepak Rauniyar and CIT´s Executive Director Ram Krishna Pokharel singed an agreement to this effect on Sunday. CIT also has ensured sale of 10 million units of shares in the agreement.

    The company´s issued capital will be Rs 10 billion. The company established for mobilizing funds from domestic and international resources to fund medium sized and big hydropower projects and transmission lines has so far co-financed a total of six hydropower projects with capacities ranging from 23.5 MW to 82 MW.

    Rauniyar said they have completed the necessary process for filing application at the Securities Board of Nepal (Sebon) for issuing IPO. The expected date of IPO issuance depends on the time taken to acquire permission from Sebon.

    The government has invested Rs 5 billion, Rastriya Beema Sasthan, Citizen Investment Trust and Employee´s Provident Fund Rs 1 billion each and remaining Rs 2 billion is allotted for the general public.

    The company had earned a net profit of Rs 430 million in the fiscal year. Process for receiving US $80 million as soft loan from Asian Development Bank has already begun.
    HIDCL was formed in 2011.

    Source : Republica