Suryakunda Hydro Electric to Float IPO | Submits Application to SEBON
September 13, 2024 | Investopaper
Suryakunda Hydro Electric Limited is in the process of issuing shares to the public (IPO).
For this purpose, the company has submitted the application to the Securites Board of Nepal (SEBON) on Ashad 4, 2081 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
If approved by SEBON, the company is planning to float 13,79,350 unit shares at the par value of Rs. 100 in the public offering. Hence, the public issue amounts to Rs. 13.79 crores.
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. Satish Neupane, Chairman of Suryakunda Hydro Electric Limited and Pushpa Sharma, CEO of Kumari Capital inked the agreement.
Electricity Regulatory Commission (ERC) has already given pre-approval to the company for the IPO issuance.
About Suryakunda Hydro Electric Limited
Suryakunda Hydro Electric Limited is currently developingUpper Tadi Khola Hydropower Project in Dupcheswar Rural Municipality of Nuwakot District. The project is a run-of-river type project with an installed capacity of 11 MW.
The estimated cost of the project is Rs. 220 crores, out of which Nepal SBI Bank has provided loan financing of Rs. 135 crores.
The company is mainly promoted by Api Power Company Limited.
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