Mandakini Hydropower to Issue 1:1.25 Right Share | Appoints Global IME Capital as Issue and Sales Manager
December 29, 2024 | Investopaper
Mandakini Hydropower Limited (MHL) is planning to sell right shares to the shareholders. The company has decided to float the right shares in the ratio 1:1.25. This means that the shareholders with 100 shares can apply for the additional 125 shares.
For this purpose, the hydropower company has appointed Global IME Capital Limited as the issue and the sales manager. An agreement has been reached between the company and Global IME Capital on this regard.
The company has already approved the agenda of right issuance from its Annual General Meeting (AGM) held on Mangsir 7, 2081 BS. After the approval by the AGM, the company has begun the procedures regarding the right offering.
As of Ashad’s end 2081 BS, MHL has a paid up capital of Rs 61.59 crores. After the inclusion of the proposed 5 percent bonus share, the capital will increase to Rs. 64.67 crores. The company will issue the right shares on this capital.
Hence, the company has plans to sell right shares worth Rs. 80.83 crores. After the right issue, the paid-up capital will reach Rs. 145.50 crores.
The hydropower company has stated that it will invest in 2.9 MW Dolphin Power Pvt. Ltd as well as repay the loans through the amount received from the right offering.
Related: Mandakini Hydropower’s Dividend
