People’s Power Limited to Float 2:1 Right Share | ERC Provides Final Approval
May 7, 2024 | Investopaper
People’s Power Limited (PPL) is planning to sell right shares to the shareholders. The company had decided to issue right shares in the ratio 2:1. This means that shareholders’ with 100 shares can apply for the additional 50 right shares.
Electricity Regulatory Commission (ERC) has given final approval for the right offering.
As of Chaitra’s end 2080 BS, People’s Power Limited has a paid-up capital of Rs. 63.26 crores. Hence, the company has plans to float 31,63,000 shares in the right offering. At a par value of Rs 100, the right issue amounts to Rs 63.26 crores.
Now, 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. 126.52 crores.
People’s Power Limited is currently operating a 4.96 MW project at Puwakhola in Ilam Municipality of Illam District since Mangsir 12, 2079 BS.
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