Vision Energy & Power To Sell 65 Lakh Shares In IPO | Appoints NIBL Ace Capital As Issue Manager
December 11, 2022 | Investopaper
Vision Energy & Power Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed NIBL Ace Capital Limited as the issue and sales manager.
The agreement was signed by Mr. Sachindra Dhungana, Deputy General Manager of NIBL Ace Capital and Mr. Tek Nath Acharya, Executive Chairman of Vision Energy & Power Limited.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON) after completing the necessary procedures. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
In the first phase, the company will sell shares to the locals of the project affected areas. 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 a total issued capital of Rs. 3.25 Arba. It will issue 10 percent shares of the issued capital i.e. 32.50 lakh shares to the local people of the project affected areas and 32.50 lakhs shares (10 percent shares of the issued capital) to the general public.
Hence, in total, the company has plans to sell 65 lakh shares that amounts to Rs. 65 crores in the public offering (IPO).
About Vision Energy & Power Limited
Vision Energy & Power Limited was incorporated on July 17, 2016 as a private limited company. Later, it was transformed into a public company to ensure public participation in the company.
At present, the major promoters of the company include Hydroelectricity Investment and Development Company Limited (about 38% share), Nupche Likhu Hydro Investment Company (about 17%), and Mr. Tek Nath Acharya (about 2%).
The company is currently developing Nupche Likhu Hydropower Project in Umakunda Rural Municipality of Ramechhap District district. The project is a run-off-river type project with an installed capacity of 57.5 MW.
The estimated cost of the project is Rs. 10.57 billion which will be funded through debt-equity ratio of 75:25.
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Which wad of umakunda divided into local shares and by what date will the ipo come.??