Myagdi Hydropower to Issue IPO | Appoints Citizen Investment Trust as Underwriter
December 23, 2024 | Investopaper
Myagdi Hydropower Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed Citizen Investment Trust as the underwriter for the public offering.
An agreement has been reached between the company and Citizen Investment Trust on this regard. The agreement was signed by Bharat Prasad Nepal, Chairman of Myagdi Hydropower Limited and Parbat Bahadur Karki, Managing Director of Citizen Investment Trust.
Now, the company needs to appoint the issue manager and then submit the application to the Securities Board Of Nepal (SEBON) after completing the necessary procedures. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
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.
In total, the company has plans to issue 47.45 lakh shares. At a par value of Rs. 100, the public offering amounts to Rs. 47.45 crores.
About Myagdi Hydropower Limited
Myagdi Hydropower Limited was incorporated on April 18, 2017 as a public limited company.
The company is currently operating a 14 MW Ghar Khola HPP in Myagdi district since August 25, 2023. The project was completed at a cost of Rs. 3.18 Arba which translates into per megawatt cost of Rs. 22.80 crores.
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