Ghalemdi Hydro Closing 1:2 Right Share from Today
January 1, 2024 | Investopaper
Ghalemdi Hydro Limited (GHL) is currently issuing right shares to the shareholders. The company is floating the right shares in the ratio 1:2. This means that the shareholders with 100 shares can apply for the additional 200 shares.
The right offering is open from Mangsir 10, 2080 BS. The issue will close on Poush 16, 2080 BS. Earlier, if fully subscribed, the issue was set to close on Poush 1, 2080 BS. However, due to under-subscription until that period, the deadline for application was extended.
For this purpose, the hydropower company had announced the book closure date on Karthik 3, 2080 BS. Therefore, investors purchasing the shares of GHL until Karthik 2, 2080 BS are eligible to subscribe the right shares.
Securities Board Of Nepal (SEBON) has given permission to the company on Ashwin 18, 2080 BS. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
Muktinath Capital Limited is the issue and sales manager for the right offering. The agreement for public offering was inked by Mr. Kishor Subedi, chairman of Ghalemdi Hydro and Mr. Kabindra Dhoj Joshi, CEO of Muktinath Capital Limited.
The hydropower is trying to raise funds for the investment in 63 MW PROR Chhujung Khola Hydropower Project in Sankhuwasabha district. The project is promoted by Shangrila Urja Pvt. Ltd. Ghalemdi Hydro will have a minimum of 51 percent ownership in the project.
At present, GHL has a paid up capital of Rs. 55 crores. Hence, the company has plans to sell right shares worth Rs. 110 crores. After the right issue, the paid-up capital will reach Rs. 165 crores.
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