January 25, 2024 | Investopaper
Puwakhola-1 Hydropower Limited is going to issue an Initial Public Offering (IPO). The company is planning to sell 19,46,660 lakh shares in the IPO at a face value of Rs 100. Hence, the public issue amounts to Rs 19.46 crores.
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For this purpose, the company has appointed LS Capital Limited (Laxmi Sunrise Capital) as the issue and sales manager. An agreement has been reached between the hydropower company and LS Capital in this regard.
The agreement was signed by Kadam KC, managing director of the company, and Bijayalal Shrestha, chief executive officer of LS Capital Limited.
In the first phase of the IPO, the company will sell shares to the locals of the project-affected areas and Nepalis in foreign employment. Similarly, after issuing the shares to the locals, the company has plans to sell shares to the general public in the second phase of the IPO.
Now, the company needs approval from the Securities Board of Nepal (SEBON) for the public offering.
The hydropower is currently operating a 4 MW Puwakhola-1 Hydropower Project in Illam district. The project started commercial electricity production since Ashwin 23, 2074 BS.