Sanima Hydropower To Float 24,50,000 Shares In IPO
June 14, 2023 | Investopaper
Sanima Hydropower Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has submitted the application to the Securities Board of Nepal (SEBON) on Jestha 26, 2080 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
If approved by SEBON, the hydropower company is planning to float 24,50,000 unit shares to the general public. At a par value of Rs 100, the public issue amounts to Rs 24.50 crores.
The company has appointed Sanima Capital Limited as issue and sales manager. The agreement for public offering has already been signed between the company and Sanima Capital Limited in this regard.
In the first phase, the company will sell the shares to the locals of the project affected areas and the Nepalis in foreign employment. 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.
Sanima Hydropower is planning to sell 10 percent shares to the general public, 5 percent shares to the locals and 5 percent shares to the employees of the company.
About Sanima Hydropower Limited
Sanima Hydropower Limited was established in 1999. It is promoted by Sanima Group and Non-Resident Nepalis.
The company is currently operating a 2.6 MW Sunkoshi Small Hydropower Plant in Sindhupalchowk district.
The construction of the project began in the year 2003 and was completed in 2005.
As of Chaitra’s end 2079 BS, Sanima Hydropower has a paid-up capital of Rs. 73.5 crores. After the issue of IPO (if fully subsribed), the capital will rise to Rs. 98 crores.
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