May 12, 2023 | Investopaper
Sagar Distillery Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has appointed Muktinath Capital Limited as issue and sales manager.
The agreement for public offering was inked by Mr. Sandip Jalan, chairman of Sagar Distillery and Mr. Kabindra Dhoj Joshi, CEO of Muktinath Capital Limited.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON) seeking permission to issue the shares. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
If approved by SEBON, the company plans to sell 7.5 lakh shares to the public. This is 15 percent of the total issued capital of the company (Rs. 50 crores). At a par value of Rs. 100, the public issue amounts to Rs. 7.50 crores.
In the first phase, the company will issue shares to the foreign employed Nepalis. Likewise, after the first phase, it will sell shares to the general public, including the mutual fund schemes and the employees of the company, in the second phase of the IPO.
About Sagar Distillery Limited
Sagar Distillery Limited was established on 2069 BS to produce and sell quality liquor in Nepal.
The company’s factory is located in Devchuli, Nawalpur.