KATHMANDU, Feb 15: Menchhiyam Hydropower Limited is going to open the issue and sale of its ordinary shares. The company is going to open the sale of initial public offering (IPO) from February 22 for the residents of the project-affected areas and Nepalis who are employed abroad.
The company is going to issue 10 percent of its issued capital of over Rs 542.58 million i.e. over 542.58 thousand shares worth Rs 54.2583 million at the rate of Rs 100 per share for the people of the area affected by the project in Sankhuwasabha. Similarly, 271,292 shares have been allotted for the residents of former Siddhikali, Siddha Pokhari and Mawadin Rural Municipalities of the most affected Sankhuwasabha and 271,091 shares have been allotted to the residents of Sankhuwasabha.
According to the company, 10 percent of the shares allocated for general investors i.e. 108,517 shares will be issued to Nepalis who are employed abroad after obtaining labor approval from the relevant agencies of the Nepal government.
Local investors can apply for the purchase of shares from a minimum of 10 shares to a maximum of 10,000 shares. According to the company, the eviction closure for the residents of the project affected area will be on the 9th of March at the earliest and on the 23rd of March at latest.
According to the company, Nepalis who are employed abroad have to apply for a maximum of 10,000 shares within 9th of March. Local residents can apply from the company’s office at the project site, Madi Municipality-7, Red Cross Building, NIC Asia Bank, Global IME Bank and Nepal SBI Bank designated branch offices at Chainpur Municipality-3. Similarly, Nepalis working abroad can apply through ASBA member banks and financial institutions and their designated branch offices and online through ‘MeroShare’.
NIC Asia Capital Limited is the issuing and sales manager of the company. The company has been awarded ‘CARE-NP BB- (Is)’ certificate by Care Nepal. The company is constructing the 4.72 MW Upper Piluwa Khola-2 hydropower project in Sankhuwasabha.
Source : Republica