Sikles Hydropower To Close IPO To General Public On Ashwin 2

September 18, 2022 | Investopaper

After floating the shares to the locals of the project-affected areas, Sikles Hydropower Limited is currently selling 11,50,000 shares in the second phase of the Initial Public Offering (IPO) from Bhadra 29, 2079 BS.

Due to over-subscription of Shares, the IPO will close on Ashwin 2, 2079 BS.

Out of the total public issue, 57,500 shares are allotted to the mutual fund schemes. Likewise, 34,500 shares are reserved for the employees of the company. Hence, the general public can participate in the remaining 10,58,000 shares.

One can apply for a minimum of 10 shares and a maximum of 100,000 shares.


IPO To Locals

In the first phase of the IPO, the hydropower had sold 850,000 shares to the locals of the project-affected areas from Shrawan 6, 2079 BS. This is 10 percent of the total issued capital of the company.

Interested locals of Ward Number 1, 2 & 3 of Madi Rural Municipality of Kaski district could apply for the shares.

The public issue was closed on Bhadra 5, 2079 BS. Previously, the IPO to locals was set to close on Shrawan 20, 2079 BS. However, due to under-subscription until that period, the deadline for application was extended.

One could apply for a minimum of 10 shares and a maximum of 1,00,000 shares.

Securities Board of Nepal (SEBON) had given permission to the company on Ashad 23, 2079 BS for the public issue. The company had submitted the application to the board on Karthik 29, 2078 BS.

The company is planning to sell 20 lakh shares (including locals and general public) in the IPO at a face value of Rs 100. Hence, the public issue amounts to Rs 20 crores.

BOK Capital Markets is the issue and sales manager. An agreement has already been reached between the hydropower company and BOK Capital in this regard. The agreement was signed by Sunil Narayan Shrestha, executive director of the company, and Kundan Sharma, chief executive officer of BOK Capital Limited. Similarly, all the work related to the share registrar of the company will be done by BOK Capital.

Sikles Hydropower Limited is currently operating a 13 MW project in Madi rural municipality of Kaski district. The total cost of the project is Rs. 2.31 Arba which translates into per MW cost of Rs. 17.82 crores.


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One thought on “Sikles Hydropower To Close IPO To General Public On Ashwin 2

  • September 14, 2022 at 10:14 am
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    My result for sikles hydro power invest

    Reply

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