United Modi Hydropower to issue 28,75,000 unit IPO shares; receives [ICRANP] IPO Grade 3

United Modi  Hydropower Limited will be coming out with its IPO issue in near future. The company will be floating 28,75,000 unit ordinary shares.

The company has already completed Lower Modi-1 and it was connected to National Grid in the year 2069. 10 MW Lower Modi-1 is situated at parbat District.

The company has plans to move forward with Lower Modi-2 Hydroelectricity project with the help of the district people of the project area and the general public.  Lower Modi is 10.5 MW project.

Mr. Sudhir Prashad Timilsina, Managing Director of United Modi Hydropower Limited said, “PAA of Lowe Modi-2 has been done and it is in the process receiving approval to generate electricity.”

ICRA Nepal has assigned an “[ICRANP] IPO Grade 3”, indicating average fundamentals to the proposed Initial Public Offering (IPO) of United Modi Hydropower Limited.

ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals.

Source : Share Sansar