Him River Power to Issue 13,30,000 Shares In IPO | Submits Application to SEBON
February 15, 2024 | Investopaper
Him River Power Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Magh 28, 2080 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
If approved by SEBON, the company plans to sell 13,30,000 shares that amounts to Rs. 13.30 crores in the public offering (IPO).
The company has appointed Siddhartha Capital Limited as the issue and sales manager. An agreement has been reached between the company and Siddhartha Capital on this regard.
In the first phase, the company will issue shares to the locals of the project affected areas and foreign employed Nepalese. Likewise, in the second phase, the hydropower will float shares to the general public, including the employees of the company and the mutual fund schemes.
After the IPO (if fully subscribed), the general public (along with locals) will possess 20 percent share in the company while the promoters will hold the remaining 80 percent shares.
About Him River Power Limited
Him River Power Limited was established on December 15, 2010 as a private limited company. Later it was transformed into a public company in order to issue shares to the general public.
The company is currently developing Liping Khola Hydropower Project in Sindhupalchowk district. The project is a run-off-river (ROR) type project with an installed capacity of 16.26 MW.
The estimated cost of the project is Rs. 314.59 crores which translates into per MW cost of Rs. 19.34 crores. The project is being funded in a debt-equity ratio of 70:30.
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