Sagarmatha Jalabidhyut Company to Issue 1:1 Right Share
December 19, 2023 | Investopaper
Sagarmatha Jalabidhyut Company Limited (SMJC) is planning to sell right shares to the shareholders. The company had decided to issue right shares in the ratio 1:1. This means that shareholders’ with 100 shares can apply for the additional 100 right shares.
For this purpose, the hydropower company is taking the agenda of issuing right shares to its upcoming 3rd Annual General Meeting to be held on Poush 25, 2080 BS.
As of Mangsir’s end 2080 BS, Sagarmatha Jalabidhyut Company Limited has a paid-up capital of Rs. 112 crores. Hence, the company has plans to float 1,12,00,000 shares in the right offering. At a par value of Rs 100, the right issue amounts to Rs 112 crores.
After the endorsement from AGM, 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. 224 crores.
Sagarmatha Jalabidhyut Company Limited is currently operating a 9.6 MW Super Mai A Hydropower Project in Illam district. since Jestha 32, 2077 BS.
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