Sebon approves to issue 2.60 lakh unit IPO shares of Nepal Hydro for locals; Forwrd Community 6 lakh unit IPO added in pipeline

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    nepal-hydro-developer

    Securities Board of Nepal (SEBON) has given final approval to issue 2.60 lakh units worth Rs 2.60 crore Initial Public Offering (IPO) shares of Nepal Hydro Developer Limited for local people of the project affected area.

    Nepal Hydro Developer has developed 3.52 MW Charanawati Hydroelectrical projects which is located in Dolakha district. The main objective of the company is to promote hydropower sector through private investment for the overall development of the country.

    The key shareholders of the company are Hydro solutions, K L Dugar Group and Devanara group.

    NMB Capital has been assigned as the issue manager for the IPO.

    An official of NMB Capital said, “We will be publishing offer letter before Tihar Festival.”

    ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below average fundamentals to the proposed IPO of Nepal Hydro Developer Limited (NHDL).

    The project is a cascaded, run-of-river type with net head of 186 m. The annual generation of energy is 37.29 GWh. The issued capital of the hydropower company stands at Rs 26 crore.  The company will be floating Rs 2.60 crore IPO shares to the local people of Dolakha district.

    After the IPO, the promoter-people of affected area (Dolakha district) – public ratio of the company will be 75% to 10% to 15%.

    Meanwhile, Forward Community Microfinance Bittiya Sanstha Limited has also been added in the SEBON’s IPO pipeline.

    The microfinance company will be floating 6 lakh units IPO shares worth Rs 6 crore have been listed in the IPO pipeline of the Security Board.

    Nabil investment Banking Limited has been appointed as the issue manager for the IPO.

    Sunsari Based-Forward Community Micro Finance had initiated micro finances operations in December 2002, although it had started micro credit program in March1997. Almost 40% clients consist of hard core poor women (ultra poor) from Dalit / tribal community of eastern Nepal of Sunsari and Morang and other 6 districts of the Koshi zone.

    The microfinance company provides microfinance services such as Loans, Deposits, Micro-insurance and Remittance services to poor families of Nepal.

    Source: ShareSansar