Him Parbat Hydropower To Sell 42 Lakh Shares In IPO | Appoints CBIL Capital As Issue Manager
August 18, 2022 | Investopaper
Him Parbat Hydropower Company Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has appointed CBIL Capital Limited as issue and sales manager.
The agreement for public offering was signed between the company and CBIL Capital Limited on this regard. Mr. Himal Gurung, Chairman of Him Parbat Hydropower Company and Ujjwal Chand, Acting CEO of CBIL Capital inked the agreement.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON). If approved by SEBON, the hydropower can issue the shares to the public.
In the first phase, the company will sell 14,00,000 shares to the locals of the project affected areas. Likewise, in the second phase, the hydropower will float 28,00,000 shares to the general public, including the employees of the company and the mutual fund schemes.
In total, the company is planning to sell 42,00,000 shares in the initial public offering (IPO).
About Him Parbat Hydropower Company Limited
Him Parbat Hydropower Company Limited was incorporated on June 11, 2014. The company is currently developing a 20 MW Sagu Khola Hydropower Project and 5.5 MW Sagu Khola 1 Hydropower Project in Dolakha district.
The estimated cost of the 20 MW Sagu Khola Hydropower Project is Rs. 3.60 billion while that of 5.5 MW Sagu Khola 1 Hydropower Project is Rs. 1.05 billion. The projects will be funded through debt and equity in the ratio 70:30.
The company has already signed a Power Purchase Agreement (PPA) with NEA on July 26, 2018 for sale of 25.50 MW of electricity to be generated from both the projects. The tariff for wet season is Rs 4.80 per kWh and for dry season is Rs 8.40 per kWh with 3 percent escalation on base tariff for 8 years.
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