Rairang Hydropower Development Company Limited has been issuing 5,60,000 units IPO shares to the locals of Taplejung and Panchthar from Jestha 25, 2074 and today (Asadh 8, 2074) is the last day to apply for the same.
Out of the 5,60,000 units shares, 2,24,000 units have been reserved for locals of the most-affected area in Tharpu VDC (Panchthar) and Sablakhu VDC (Taplejung). The remaining 3,36,000 units shares are being issued to other locals of Panchthar and Taplejung districts.
Applicants should apply a minimum of 50 units and they can apply for a maximum of 2,800 units shares. Interested applicants can collect and submit application forms from Civil Bank in Medibung bazar and Fidim branches in Panchthar, Fidim branch of NIC Asia Bank, Machhapuchchhre Bank and NMB Bank Limited.
Ace Capital Limited is the issue manager for this IPO.
Rairang Hydropower Development Company Limited operates 500 KW Rairang Hydroelectric Project in Dhading district. It is developing 9.90MW Iwakhola Hydroelectric Project in the border of Taplejung and Panchthar districts. The company has projected commercial operation of the 9.90 MW project before 2074 Magh end.
The authorized capital of the hydropower company is Rs 1 arba. Its paid up capital is currently Rs 42 crore. After this IPO for locals, the company will be floating 8.40 lakh units shares to the general public, after which the company’s paid up capital will reach Rs 56 crore. Promoters will own 75% of the company, locals of project-affected area will own 10% and general public will own 15% after the IPO.