July 30, 2023 | Investopaper
Terhathum Power Company Limited (TPC) is planning to sell right shares to the shareholders.
The company has decided to float the right shares in the ratio 1:1. This means that the shareholders with 100 shares can apply for the additional 100 shares.
For this purpose, Terhathum Power has appointed Nabil Investment Banking as the issue and the sales manager. An agreement has been reached between the company and Terhathum Power on this regard.
The company has already approved the agenda of issuing right shares from its Annual General Meeting after the permission from Electricity Regulatory Commission.
At present, TPC has a paid up capital of Rs. 40 crores. Hence, the company has plans to sell right shares worth Rs. 40 crores. After the right issue, the paid-up capital will reach Rs. 80 crores.
The company has stated that it will invest the amount received from the right offering in the development of 2 MW Khorwnga Tangmaya Hydropower Project.
Terhathum Power Company is currently operating a 7.5 MW Upper Khorunga Khola Small Hydropower Project in Terhathum District.