Siddhi Hydro Company to Float IPO | Appoints Citizens Capital as Issue Manager
March 29, 2024 | Investopaper
Siddhi Hydro Company Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed Citizens Capital Limited as the issue and sales manager.
An agreement has been reached between the company and Citizens Capital on this regard. The agreement was signed by Santosh Raj Nepal, Chairman of Siddhi Hydro Company Limited and Sabir Bade Shrestha, Chief Executive Officer of Citizens Capital 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.
About Siddhi Hydro Company Limited
Siddhi Hydro Company Limited is currently developing a 10-megawatt Siddhikhola hydropower project in Suryodaya Municipality and Rong Rural Municipality of Illam district.
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