Siuri Nyadi Power Limited to Float IPO | Appoints Citizen Investment Trust as Underwriter
April 19, 2024 | Investopaper
Siuri Nyadi Power Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed Citizen Investment Trust as the underwriter for the public offering.
An agreement has been reached between the company and Citizen Investment Trust on this regard. The agreement was signed by Sailendra Guragain, Chairman of Siuri Nyadi Power Limited and Parbat Bahadur Karki, Managing Director of Citizen Investment Trust.
Now, the company needs to appoint the issue manager and then 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 Siuri Nyadi Power Limited
Siuri Nyadi Power Limited, incorporated in August 22, 2014 as a private limited company, was transformed into a public company on July July 19, 2017 to sell the shares to the general public.
The company is currently developing a Hydroelectric Project in the Lamjung District of Nepal. The project is a Run-of-river(ROR) type project with an installed capacity of 40.27 MW.
Ngadi Group Power Ltd is the major promoter of the company.
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