Three Star Hydropower to Float 1:1 Right Share
October 22, 2024 | Investopaper
Three Star Hydropower Limited (TSHL) is planning to sell right shares to the shareholders.
As informed on Nepse, 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.
The company will take the agenda of issuing right shares to its upcoming Annual General Meeting after the permission from Electricity Regulatory Commission.
The hydropower company will begin the procedures for the right offering after the approval from the annual general meeting.
At present, TSHL has a paid up capital of Rs. 49.25 crores. Hence, the company has plans to sell right shares worth Rs. 49.25 crores. After the right issue, the paid-up capital will reach Rs. 98.50 crores.
The company has stated that it will pay the loans taken from BFIs and invest Rs. 15 crores as equity in Niko Energy Limited (9-MW Upper Bhurundi Khola- A Hydroelectric Project) from the proceeds received through right offering.
Three Star Hydropower is currently operating a 6.6-MW Sapsup Khola Small Hydropower Project in Khotang district. The project began commercial electricity production since January 7, 2022.
