July 16, 2023 | 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.
For this purpose, Electricity Regulatory Commission (ERC) has provided a pre-approval to the company.
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.
The hydropower company will begin the procedures for the right offering after the approval from the upcoming annual general meeting.
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.