United Modi Hydropower issuing 17.25 lakh units IPO shares from Falgun 19; NIBL Capital manages the issue

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    United Modi Hydropower Limited is going to issue 17,25,000 units IPO shares at a face value of Rs 100 per unit from Falgun 19, 2073. NIBL Capital Markets Limited has been appointed as the issue manager for the IPO.

    Out of the 17.25 lakh units shares, the hydropower company has set aside 86,250 shares for mutual funds and 34,500 shares for its staffs. 1,604,250 shares have been allocated for the general public.

    Issuing a press statement, the company said that applicants will be able to apply from more than 30 collection centers around Nepal, and through all ASBA-approved banks. As of today, there are 1,971 branches of banks in 73 districts that accept applications from ASBA process.

    ICRA Nepal has assigned “[ICRANP] IPO Grade 3” for the IPO.

    United Modi Hydropower Limited operates 10MW Lower Modi-1 Hydropower project located in Parbat district. The hydropower company has also received approval for the construction of 10.5 MW Lower Modi-2 hydropower project. It aims to complete the construction within Asadh 2076.

    United Modi Hydropower Limited had issued 11,50,000 units shares worth Rs 11.50 crore for the local people of Parbat district from Bhadra 26 to Ashwin 9, 2073. After the IPO for general public, the promoter – people of the affected area (Parbat district) – general public shareholding structure will be 75:10:15.

    Source: The Share Sansar