January 16, 2023 | Investopaper
Solar Farm Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has appointed Kumari Capital Limited as the issue and sales manager.
The agreement for public offering was signed between the company and Kumari Capital Limited on this regard. Mr. Mohan Gurung, Chairman of Solar Farm Limited and Pushpa Sharma, CEO of Kumari Capital inked the agreement.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON). If approved by SEBON, the hydropower can issue the shares to the public.
The company plans to sell 20 lakh unit shares at a par value of Rs. 100 in the public offering. Hence, the public issue amounts to Rs. 20 crores.
In the first phase, the company will sell shares to the locals of the project affected areas. 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 Solar Farm Limited
Solar Farm was established in 2017 as the solar power generating company. It was the first company to sign commercial Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA) for the solar power.
The company is currently operating a 5 MW solar power project in Shuklagandaki Municipality of Tanahun District. The project is producing electricity from the solar power since September 14, 2021.
At current, Solar Farm Limited has an authorized capital of Rs. 65 crore, the issued capital of Rs.65 crore, and the paid-up capital is Rs. 45 crores.