December 12, 2022 | Investopaper
Sanigad Hydro Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed Sunrise Capital Limited as the issue and sales manager.
The agreement was signed by Mr. Bijay Lal Shrestha, Chief Executive Officer Of Sunrise Capital and Mr. Rajesh Kumar Shrestha, Chairman of Sanigad Hydro Limited.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON) after completing the necessary procedures. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
In the first phase, the company will issue shares to the locals of the project affected areas and foreign employed Nepalese. Likewise, in the second phase, the hydropower will float shares to the general public, including the employees of the company and the mutual fund schemes.
In total, the company plans to sell 67.50 lakh shares that amounts to Rs. 67.50 crores in the public offering (IPO).
The company has a total issued capital of Rs. 2.25 Arba.
About Sanigad Hydro Limited
Sanigad Hydro Limited was incorporated on December 2007 as a private limited company. Later, it was transformed into a public company to ensure public participation in the company.
At present, the major promoters of the company include Jalanjali Investment Pvt. Ltd. (about 23% share), Sanigad Hydro Investment Pvt. Ltd. ( about 19% share), Shiva Shankar Investment Pvt. Ltd. (about 17% share), Barun Investment Pvt. Ltd. (about 13% share), Jaya Ganesh Investment Pvt. Ltd. (about 12% share), and Shubha Laxmi Hydro Investment Pvt. Ltd. (about 4% share).
The company is currently developing Upper Kalanga Gad Hydroelectric Project in Bajhang district. The project is a run-off-river type project with an installed capacity of 38.46 MW.
The project has completed the construction work and is about to generate electricity.