Solu Hydropower to Issue IPO worth Rs. 200 Crores | Submits Application to SEBON
October 20, 2023 | Investopaper
Solu Hydropower Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Ashwin 26, 2080 BS for the public issuance. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
If approved by SEBON, the hydropower will float 2,00,00,000 shares in the public offering. At a par value of Rs. 100, the public issue amounts to Rs. 200 crores.
In the first phase, the company will sell the shares to the locals of the project affected areas and foreign employed Nepalis. 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.
The company has appointed Nabil Investment Banking Limited as issue and sales manager for the IPO. The agreement for public offering has been inked between Solu Hydropower Limited and Nabil Investment Banking Limited on this regard.
Solu Hydropower Limited is currently developing an 82 MW Lower Solu Hydropower Project in Solukhumbu district in Nepal.
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