Kathmandu. Pure Energy Limited is opening the IPO issuance and sale from today, Falgun 20. The company is going to issue the IPO for the local residents of the project-affected areas and Nepalis working abroad.
The company is going to issue 160,000 shares of 2 percent of the issued capital of Rs 800 million, or Rs 160 million, at a face value of Rs 100 per share, for the local residents of the project-affected areas. Local residents of Banke district can apply for these shares.
In addition, the company is going to issue 18 percent of the issued capital, i.e. 144 thousand ordinary shares, and 10 percent, i.e. 144 thousand ordinary shares, to Nepalese who are employed abroad after obtaining labor approval from the relevant body of the Government of Nepal.
In the IPO, applications will have to be made for a minimum of 10 shares. Residents of the project-affected areas can apply for a maximum of 16,000 units, while Nepalis working abroad can apply for a maximum of 7,200 units.
The issuance for local residents of the project-affected areas will close on Chaitra 5 at the earliest and on Chaitra 20 at the latest. Nepalis working abroad will have to apply by Chaitra 5.
Care Rating Nepal has assigned the company a Care NP Double B Plus Issuer Rating in its rating for the IPO issuance. This indicates that the company has a medium risk in its ability to meet its obligations.
The total cost of the 10 MW solar PV power project Block 1 promoted by the company is Rs 1.2547 billion, while the cost per megawatt is Rs 1255 million.
The company’s share issue and sale manager is Nabil Investment Banking Limited. Local residents can apply from the project site, Nabil Bank’s Kohalpur and Nepalgunj branch offices, Laxmi Sunrise Bank’s Kohalpur and Nepalgunj branches, Siddhartha Bank’s Khajura, New Road Nepalgunj and BP Chowk branch offices, and Kumari Bank’s Chisapani, Khajura, Kohalpur, Surkhet Road Nepalgunj and Rimjhim Bazaar branch offices.
Nepali nationals employed abroad can apply through the C ASBA system using the software ‘Mero Share’ online, developed by CDS and Clearing Limited, and all C ASBA member banks and financial institutions approved by the Nepal Securities Board.
