White Lotus Power Limited to Float IPO | Appoints Nepal SBI Merchant Banking as Issue Manager
April 22, 2024 | Investopaper
White Lotus Power Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has appointed Nepal SBI Merchant Banking Limited as the issue and sales manager.
The agreement for public offering was signed between the company and Nepal SBI Merchant Banking Limited on this regard. Suman Kumari Joshi, Chairman of White Lotus Power Limited and Lekhnath Pokharel, CEO of Nepal SBI Merchant Banking inked the agreement.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON). If approved by SEBON, the company can issue the shares to the public.
The company plans to sell 12 lakh unit shares at the par value of Rs. 100 in the public offering. Hence, the public issue amounts to Rs. 12 crores.
About White Lotus Power Limited
White Lotus Power Limited, incorporated on January 28, 2018, as a private limited company, was transformed into public limited company on September 23, 2021.
The company is currently developing Hidi Khola Hydropower Project in Lamjung district. The project is a run-of-river type project with an installed capacity of 6.82 MW.
The estimated cost of the project is Rs. 132.70 crores, which translates into per megawatt cost of Rs. 19.50 crores.
The major promoters of the company include:
—Kriti Venture Fund Ltd.,
—White Lotus Management Pvt. Ltd.,
—All Bright Holdings Pvt. Ltd.,
—Shikhar Insurance Ltd.,
—Citizen Life Insurance Ltd.,
—Pratap Jung Pandey etc.
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