Terhathum Power Company to Issue 1:1 Right Share | Submits Application to SEBON
March 28, 2024 | Investopaper
Terhathum Power Company Limited (TPC) is planning to sell right shares to the shareholders. For this purpose, the company has submitted the application to the Securities Board of Nepal (SEBON) on Chaitra 7, 2080 BS. Only after the approval from the regulatory body SEBON, the company can issue the shares to the public.
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.
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 40,00,000 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.
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