Upper Tamakoshi hydropower project to issue Rs 5.18b IPO

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    KATHMANDU, FEB 06 –

    The Upper Tamakoshi Hydropower Project is all set to issue its initial public offering (IPO) worth Rs 5.18 billion, one of the largest IPOs of the country.

    The project has appointed Citizen Investment Trust (CIT) as issue manager. Bigyan Shrestha, acting project chief of Upper Tamakoshi, and Rishi Ram Gautam, executive director of CIT, signed an agreement to this effect amid a function here on Tuesday. The paid-up capital of the 456MW project stands at Rs 10.59 billion, of which 49 percent would be held by ordinary shareholders.

    The IPO will be issued in two phases. In the first phase, the shares will be issued for primary beneficiary (the people of Dolakha where project is located), members of the Employees’ Provident Fund (EPF), its employees and employees of other lenders, including of CIT, Nepal Electricity Authority (NEA), Nepal Telecom, Rastriya Beema Sansthan and employees of Upper Tamakoshi Project itself. They have been allocated 34 percent shares in the project.

    The project plans to issue ordinary shares for the general public in the second phase. The general public will have a 15 percent stake in the company.

    According to a press release issued by the project, the IPO for the primary beneficiary will be worth Rs 3.6 billion in the current fiscal year. “IPO worth Rs 1.58 billion would be issued for other ordinary shareholders in the second phase,” said Rishiram Gautam, executive director at CIT.

    The project said it has already received Rs 5.10 billion from institutional shareholders, including NEA, Nepal Telecom, Rastriya Beema Sansthan and CIT. The institutional shareholders have pledged a combined Rs 5.4 billion. Remaining Rs 300 million will be made available before the IPO, read the press release.

    The majority share (51 percent) of the company will be held by four public entities — Nepal Electricity Authority (NEA), Nepal Telecom (NT), Citizen Investment Trust (CIT) and Rastriya Beema Sansthan (RBS). NEA holds a 41 percent stake, NTC 6 percent and CIT & RBS have 2 percent each.

    NEA and other lenders have pledged a combined Rs 22 billion, while the Nepal government will provide Rs 11.08 billion for the project whose estimated cost is at Rs 35.29 billion. The EPF, CIT and RBS are lending Rs 10 billion, Rs 2 billion and Rs 2 billion, respectively.

    The project is expected to be completed by the end of fiscal year 2014-15. As of the first half of the current fiscal year, 40 percent work on the project construction has been completed. The project has so far spent Rs 10.5 billion.

    Source : The Kathmandu Post

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    Upper Tamakoshi Hydropower gears up to float public shares

    KATHMANDU: The 456-mega watt Upper Tamakoshi Hydropower, which is under construction, appointed Citizen Investment Trust (CIT) today as its issue and sales manager to float shares within the current fiscal year.

    “The hydropower project reported 40 per cent development by mid-January,” according to the hydropower company that has aimed to start power generation by mid-May 2015, though the complete generation of 456 MW will start from mid-March 2016.

    The company is planning to issue shares within the current fiscal year 2012-13, in two phases. “In the first phase, the company will float shares worth Rs 3.60 billion to locals of Dolakha district — where the hydropower is based — and Nepal Electricity Authority (NEA), besides employees of lender agencies like Nepal Telecom, Employees Provident Fund, Rastriya Beema Sansthan and CIT,” the company said, adding that in the second phase, the company will float shares worth Rs 1.58 billion to the general public.

    The hydropower project that is estimated to cost Rs 35.29 billion is being constructed with domestic capital — 70 per cent in loans and 30 per cent shares — from institutional shareholders and the general public.

    Nepal Telecom has lent Rs six billion, Rastriya Beema Sansthan and Citizen Investment Trust lent Rs two billion each, Employees Provident Fund lent Rs 10 billion and invested Rs two billion as debenture, and the government lent the remaining Rs 11.8 billion.

    Earlier, it had established a company with Rs 10 billion authorised capital and Rs nine billion issued capital for the 30 per cent share capital. However, it recently changed the capital structure with Rs 11 billion authorised capital and Rs 10.59 billion issued capital.

    According to the new capital structure, NEA will have 41 per cent, Nepal Telecom six per cent, Rastriya Beema Sansthan and Citizen Investment Trust two per cent each, provident fund holder staff of Employees Provident Fund 17.28 per cent, locals of Dolakha 10 per cent, public 15 per cent, employees of lender institutions 2.88 per cent and Upper Tamakoshi

    Hydropower and NEA employees 3.84 per cent.Likewise, it has already received Rs 5.10 billion from institutional shareholders like Nepal Electricity Authority, Rastriya Beema Sansthan and Citizen Investment Trust, out of the Rs 5.40 billion they have committed and the remaining Rs 300 million will be made available before the company floats the shares.

    Citizen Investment Trust will now send the prospectus to Securities Board of Nepal for the approval to float shares.

    Source : The Himalayan Times

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    तामाकोशीको ५ अर्बको शेयर आउँदै

    माघ २३, काठमाडौं  । अपर तामाकोशी हाइड्रोपावर कम्पनीले चालू आर्थिक वर्षमा ५ अर्ब १८ करोड ९१ लाख रुपैयाँबराबरको प्राथमिक शेयर निष्कासन गर्ने भएको छ । सो कुरा कम्पनीको शेयर निष्कासन तथा विक्री प्रबन्ध सेवाका लागि कम्पनी र नागरिक लगानी कोषबीच मङ्गलवार भएको सम्झौता कार्यक्रममा जानकारी दिइएको हो । सोमध्ये पहिलो चरणमा कर्मचारी सञ्चयकोषका सञ्चयकर्ता, दोलखावासी तथा कम्पनी, विद्युत् प्राधिकरण र कर्जा प्रवाह गर्ने संस्थाका कर्मचारीका लागि ३ अर्ब ६० करोड ६ लाख रुपैयाँबराबरको शेयर निष्कासन गरिनेछ । दोस्रो चरणमा सर्वसाधारणका लागि १ अर्ब ५८ करोड ८५ लाख रुपैया“बराबरको शेयर निष्कासन गरिने पनि कार्यक्रममा बताइयो ।

    कार्यक्रममा आयोजना सञ्चालक समितिका सदस्य एवम् नागरिक लगानी कोषका कार्यकारी निर्देशक ऋषिराम गौतमले यो नेपालको अहिलेसम्मकै सबैभन्दा ठूलो शेयर निष्कासन भएको बताए । उनका अनुसार कम्पनीले चालू आर्थिक वर्षमा सञ्चयकोषका सञ्चयकर्ता र ऋण प्रवाह गर्ने संस्थाका कर्मचारीका लागि छुट्ट्याइएको शेयर निष्कासन गरिनेछ । त्यस्तै अर्को आवमा दोलखावासी र निर्माण सक्नुअघि सर्वसाधारणका लागि छुट्ट्याइएको शेयर निष्कासन गरिने पनि उनले जानकारी दिए । सो कम्पनीको अधिकृत पूँजी ११ अर्ब र जारी पूँजी १० अर्ब ५९ करोड रुपैयाँ छ । ४ सय ५६ मेगावाट क्षमताको सो आयोजनाको कुल लागत ३५ अर्ब २९ करोड रुपैयाँमध्ये ३० प्रतिशत रकम शेयरबाट र ७० प्रतिशत ऋणबाट जुटाइने बताइएको छ ।

    आयोजनाका निमित्त कार्यकारी प्रमुख विज्ञानप्रसाद श्रेष्ठले भौगर्भिक अवस्था अनुमानभन्दा राम्रो रहेको पाइएकाले समग्र आयोजनाको लागत नबढ्ने सङ्केत देखिएको बताए । आयोजना २०७२ सालभित्र निर्माण सक्ने लक्ष्य राखिएको छ ।

    (अस)