Upper Tamakoshi to refund Rs 17.41 arba non allottee money from Ashad 3; likely to propel market

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    June 14: Upper Tamakoshi Hydropower Limited (UTKHPL) will be refunding excess money collected from investors as part of its initial public offering from Ashad 3 (coming Thursday), 2072, from the respective form submitted centers.

    The IPO had a total collection of Rs 19.95 arba which is almost 8 times more than the IPO amount i.e. Rs 2.54 arba. Due to the delay in the allotment, 17.41 arba rupees was stuck with both the issue managers Citizen Investment Trust (CIT) and NCM Merchant Banking Limited (NCM). Investors had to wait for 75 days to see the allotment result which took place on 29th Jestha, 2072 (last Friday). Last date to fill the IPO form was 15th Chaitra, 2071.

    Investors are upbeat to invest the portion of the IPO refunded money back in the stock market, to grab the opportunity of the market trend in the present market circumstances. Analyst believe this will surely propels demand in the secondary market from next week onwards.

    In total there were 2,08,041 applicants including all the Provident fund depositors, different lending institutions and its employees. 52 applicant forms got disqualified for not complying with the norms, said one of the official of CIT.

    There were18,299,520 units share have been allotted to 1,91,959 depositors of Employees Provident Fund (EPF).

    Depositors of Employees Provident Fund who applied for shares worth Rs 5 Lakhs were allotted 293 units share i.e. 5.86% of the total investment. Whereas, depositors who applied for shares worth Rs 5 thousand were allotted 50 units share i.e. 100% of the total investment.  The depositors who applied for Rs 1 lakh were allotted 97 units, 2 lakhs were allotted 146 units share, 3 lakhs were allotted 195 units shares and 4 Lakhs were allotted 243 unit shares.

    4,066,560 units share have been allotted to 9,754 staffs of UTKHPL and its largest promoter Nepal Electricity Authority (NEA). 9,14,976 units share have been allotted to the 5,550 staffs of Nepal Telecom Company Limited (NTC), whereas, 15,24,960 units have been allotted to 480 staffs of Employees Provident Fund (EPF).  Also, 3,04,992 units share have been allotted to 191 staffs of Rastriya Beema Sansthan and 3,04,992 units share have also been allotted to the 107 staffs of Citizens Investment Trust (CIT).

    Source : Share Sansar