Sanjen Jalavidhyut Company Closing IPO To Locals On Ashwin 30
October 16, 2022 | Investopaper
Sanjen Jalavidhyut Co. Limited is currently selling the shares to the locals of the project-affected areas (IPO) from Bhadra 5, 2079 BS. The company is floating 36,50,000 shares in the IPO at a face value of Rs 100. Hence, the public issue amounts to Rs 36.50 crores.
The IPO to locals will close on Ashwin 30, 2079 BS. Previously, the issue was set to close on Ashwin 4, 2079 BS. However, due to under-subscription until that period, the deadline for application was extended.
The project affected areas include Ward No. 1, 2, 3, 4, and 5 of Amachhodingmo Rural Municipality of Rasuwa District. Locals of these areas as well as residents of other least affected areas of Rasuwa district can apply for the shares.
Interested locals can apply for a minimum of 10 shares and a maximum of 700 shares.
Citizen Investment Trust is the issue and sales manager for the IPO. An agreement has already been reached between the hydropower company and CIT in this regard.
Securities Board of Nepal (SEBON) had already granted the permission the company. Only after the approval from the board, the company can sell the shares to the public. The company had submitted the application to the board on Mangsir 20, 2078 BS.
Sanjen Jalavidhyut Co. Limited is currently developing two hydroelectric projects- Sanjen (Upper) Hydroelectric Project (14.8 MW) and Sanjen Hydroelectric Project (42.5 MW).
The major promoters of the company include Chilime Hydropower (39.36 percent) and Nepal Electricity Authority (10.36 percent).
The paid-up capital of Sanjen Hydropower will reach Rs. 3.65 Arba after the issue after IPO (if fully subscribed).
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