Barahi Hydropower to Issue 1:1 Right Share | ERC Grants Approval
March 7, 2024 | Investopaper
Barahi Hydropower Public Limited (BHPL) is planning to sell right shares to the shareholders. The company has decided to float the right shares in the ratio 1:1. This means that the shareholders with 100 shares can apply for the additional 100 shares.
Electricity Regulatory Commission (ERC) has given permission to the company for the right issuance.
The annual general meeting of the hydropower held on Poush 29, 2080 BS has already approved the agenda of issuing the right share to the shareholders.
For this purpose, the company has appointed Muktinath Capital Limited as the issue and sales manager. An agreement has been reached between the company and Muktinath Capital on this regard.
The company is trying to raise funds for the investment in 3.45 MW Simkos Khola Hydroelectric Project in Myagdi district. Barahi Hydropower has a 51 percent ownership in the project. Likewise, the company will invest in 0.75 MW Lower Theule Khola Hydropower Project (cascade) in Baglung district.
At present, BHPL has a paid up capital of Rs. 25 crores. Hence, the company has plans to sell right shares worth Rs. 25 crores. After the right issue, the paid-up capital will reach Rs. 50 crores.
Recommended:
