Ridi Power Company Closing 2:1 Right Issue from Today
March 21, 2024 | Investopaper
Ridi Power Company Limited (RIDI) is currently selling the right shares to the shareholders. The hydropower company has 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.
The right offering is open from Falgun 18, 2080 BS and will close on Chaitra 8, 2080 BS.
For this purpose, the company had announced the book closure date on Magh 22, 2080 BS. Hence, the investors purchasing/holding the shares of RIDI until Magh 21, 2080 BS will be eligible to apply for the right shares.
Securities Board Of Nepal (SEBON) gave the permission to the company on Poush 19, 2080 BS. The hydropower company had submitted the application to the Securities Board Of Nepal (SEBON) on Shrawan 24, 2080 BS seeking permission to float the shares. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
Similarly, Electricity Regulatory Commission has already given the final approval to the company. Likewise, the company has also approved the agenda of issuing right share from its Special General Meeting held on Ashad 8, 2080 BS.
The right offering will be on the current capital of Rs. 154.89 crores. Hence, the company plans to issue 77,44,506 unit right shares that amounts to Rs. 77.44 crores (i.e 50 percent of Rs. 154.89 crores)
The company has appointed Muktinath Capital Limited as the issue and sales manager for the right offering.
After the right issue, the paid-up capital of Ridi Power Company will reach Rs. 232.33 crores. The company has stated that it will invest in 20 MW Lower Balephi Khola Hydropower project from the amount received through right offering.
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