September 17, 2023 | Investopaper
Synergy Power Development Limited (SPDL) is currently selling the right shares to the shareholders. The company is issuing right shares in the ratio 2:1. This means that shareholders’ with 100 shares can apply for the additional 50 right shares.
The right offering is open from Bhadra 3, 2080 BS. If fully subscribed, the right issue was set to close on Bhadra 24, 2080 BS. However, due to under-subscription until that period, the deadline for application has extended until Bhadra 31, 2080 BS.
For this purpose, the company had announced the book closure date on Shrawan 12, 2080 BS. Therefore, the investors holding/purchasing the shares of SPDL until Shrawan 11 will be eligible to purchase the right shares.
As of Ashad’s end 2079 BS, Synergy Power Development Limited has a paid-up capital of Rs. 80.65 crores. Hence, SPDL has plans to float 40,32,875 shares in the right offering. At a par value of Rs 100, the right issue amounts to Rs 40.32 crores.
Securities Board Of Nepal (SEBON) had given the approval to the company on Ashad 20, 2080 BS. The company had submitted the application to the board on Falgun 15, 2079 BS seeking permission to float the shares. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
Electricity Regulatory Commission has already granted the pre-approval to the company for the right offering on Magh 12, 2079 BS.
The company has appointed Sanima Capital Limited as the issue and sales manager for the IPO. An agreement has already been reached between Synergy Power Development and Sanima Capital on this regard.
After the right issue, the paid-up capital will reach Rs. 120.97 crores.