September 22, 2023 | Investopaper
Upper Tamakoshi Hydropower Limited (UPPER) is currently selling the right shares to the shareholders. The hydropower company is floating the right shares from Bhadra 18, 2080 BS.
If fully subscribed, the right offering was set to close on Ashwin 7, 2080 BS. However, due to under-subscription of shares, the deadline for applicaiton has now extended until Ashwin 22, 2080 BS.
The board of directors’ meeting held on Ashad 30, 2079 BS had decided to issue right shares in the ratio 1:1. This means that shareholders’ with 100 shares can apply for the additional 100 right shares.
For this purpose, the company has announced the book closure on Shrawan 26, 2080 BS. Therefore, the investors purchasing/holding the shares of UPPER until Shrawan 25, 2080 BS will be eligible to subscribe the right shares.
The company has already passed the agenda of issuing right shares from its 14th Annual General Meeting (AGM).
Securities Board Of Nepal (SEBON) provided the approval to the company on Ashad 22, 2080 BS. The company had submitted the application to the board on Falgun 18, 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.
The company appointed Citizen Investment Trust, CIT (Nagarik Lagani Kosh) as the issue and sales manager. An agreement has been reached between the two company for the right offering. Likewise, Upper Tamakoshi Hydropower appointed Sunrise Capital Limited as the co-issue manager.
At present, UPPER has a paid up capital of Rs. 10.59 Arba. Hence, the company has plans to sell right shares worth Rs. 10.59 Arba.
After the right issue, the paid-up capital will reach Rs. 21.18 Arba.