September 5, 2023 | Investopaper
Mai Khola Hydropower Limited (MKHL) is planning to sell right shares to the shareholders.
The board meeting of the company held on Bhadra 17, 2080 BS had decided to issue right shares in the ratio 1:1. This means that shareholders’ with 100 shares can apply for the additional 100 right shares.
As of Ashad’s end 2080 BS, Mai Khola Hydropower has a paid-up capital of Rs. 39.21 crores. Hence, MKHL has plans to float 39.21 lakh shares in the right offering. At a par value of Rs 100, the right issue amounts to Rs 39.21 crores.
The hydropower company will begin the procedures for the right offering after the approval from its upcoming general meeting.
After the endorsement from AGM, the company needs to appoint the issue and sales manager for the right offering. Then, it should submit the application to the Securities Board Of Nepal (SEBON) seeking permission to float the shares. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
After the right issue, the paid-up capital will reach Rs. 78.42 crores.
The company is currently operating a 3 MW Super Mai Cascade Hydropower Project in Illam district.