KATHMANDU, Feb 27: Mai Khola Hydropower Limited is issuing ordinary shares to the public from March 9. The company is going to open the initial public offering (IPO) sale for the residents of the project-affected areas and Nepalis who are employed abroad.
The company is going to issue 10 percent of the issued capital of Rs 392.156 million i.e. 392157 shares worth Rs 39.2157 million at the rate of Rs100 each ordinary shares for the residents of the project affected area.
Similarly, it is mentioned in the invitation letter issued by the company that 152, 941 shares will be issued to Nepalis who are employed abroad after receiving labor approval from the relevant body.
Upper Chaku Khola-A to issue 1476,400 units of shares
In the shares to be issued, residents of the project-affected areas can apply for the purchase of shares from a minimum of 10 to a maximum of 10,000 shares, while Nepalese employed abroad can apply for a maximum of 50,000 shares.
According to the company, the eviction for the residents of the project-affected areas will be on March 23rd at the earliest and at the latest on April 7th. Nepalese who are employed abroad should apply before March 23.
Local residents can apply at Hydropower offices, designated branch offices of Prabhu Bank, Century Bank, Prime Commercial Bank as well as through the online system prepared by Prabhu Capital.
Similarly, Nepalis who are employed abroad can apply through the 'Mero Share' system at ASBA member banks and financial institutions and their designated branch offices and online, the company said.
Prabhu Capital Limited is the company's share issue and sales manager. In the rating given for the IPO issue, Icra Nepal has given the company 'Icra NP Issuer BB Plus' rating.
The company is constructing a three megawatt hydropower project in Ilam, generating electricity, connecting it to the national transmission line and selling it.
