Peoples Hydropower Company Revises Right Issue Ratio | To Float 1:1 Right Share
December 22, 2024 | Investopaper
Peoples Hydropower Company Limited (PHCL) is planning to sell right shares to the shareholders.
As informed on Nepse, the company has decided to float the right shares in the ratio 1:1 This means that the shareholders with 100 shares can apply for the additional 100 shares.
Ealier, the hydropower company had decided to issue the right shares in the ratio 2:1 which was approved from the 16th Annual General Meeting (AGM) of the company. However, the board of directors’ meeting held on Poush 4, 2081 BS decided to amend the ratio of right offering.
The company will take the agenda of issuing right shares to its upcoming 17th Annual General Meeting after the permission from Electricity Regulatory Commission.
The hydropower company will begin the procedures for the right offering after the approval from the annual general meeting.
At present, PHCL has a paid up capital of Rs. 320 crores. Hence, the company has plans to sell right shares worth Rs. 320 crores. After the right issue, the paid-up capital will reach Rs. 640 crores.
The company has stated that it will pay the loans taken from BFIs and invest in 57-MW Himchuli Dordi Hydropower Project from the proceeds received through right offering.
Peoples Hydropower Company is currently operating a 54 MW Super Dordi Hydropower Project ‘Kha’ in Lamjung District.
Recommended:
