Taksar Pikhuwa Khola Hydropower to Float 42,30,668 Shares in IPO
October 20, 2023 | Investopaper
Taksar Pikhuwa Khola Hydropower Company 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 42,30,668 shares in the public offering. At a par value of Rs. 100, the public issue amounts to Rs. 42.30 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 Prabhu Capital Limited as issue and sales manager. The agreement for public offering was inked by Mr. Narayan Ballav Pant, chairman of Taksar Pikhuwa Khola Hydropower and Mr. Dinesh Thakai, Managing Director of Prabhu Capital Limited.
At current, Taksar Pikhuwa Khola Hydropower Company Limited is operating an 8 MW Taksar Pikhuwa Khola Hydropower Project in Bhojpur. The project started generating commercial electricity since Chaitra 2078 BS. The project was completed two and a half years after the start of the construction work.
The total cost of the project is Rs. 1.72 billion. Out of which, Citizens Bank (leader bank) and Machchhapuchhre Bank have invested 70 percent of the total cost.
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