Kathmandu. Today is the last day for Nepalis in foreign employment to apply for the IPO of Bungal Hydro.
The company had opened the IPO sale for the project-affected local and foreign employment nepalis in the first phase from July 1. Nepalis in foreign employment will be able to apply till banking time today. However, the deadline has been extended till August 10 as there were not enough applications from the locals.
The Securities Board of India (Sebi) has given permission to the company to bring an IPO worth Rs 290.5 million i.e. 35 per cent of the issued capital of Rs 830 million. The company has received permission to issue a total of 2.9 million units of shares at a face value of Rs 100 each.
The company has opened the sale of 830,000 units of ordinary shares representing 10 percent of the issued capital to the locals of the project-affected areas. In this IPO, 65 percent of the shares allocated for the residents of the project-affected areas are in the most affected areas of Bungal Municipality ward no. 1of Bajhang district of sudurpaschim state. Ward No. 6 (erstwhile Pipalkot VDC Ward No. 4, 5 and 7) and Ward No. It has been earmarked for the residents of Ward No. 7 (erstwhile Kafalseri VDC Ward No. 1). Residents of Bungal Municipality-1, 2, 3, 4, 5, 8, 910 and 11 can apply for the remaining 35 per cent shares.
Similarly, the company has issued 207,500 units of shares representing 10 percent of the total number of units issued to the general public for Nepalis employed abroad. Investors of both groups can apply for a minimum of 10 units and a maximum of 20,000 units of shares.
Locals can apply from nepal investment mega bank branch at Kedarsu-1, krishi bikas bank branch at Bungal, global ime bank branch at Jayaprithvi municipality and project site. Nepalis in foreign employment can apply from the banks and financial institutions participating in the C-ASBA service approved by the Securities Board and their designated branch offices and my share of CDSC.
Himalayan Capital is the IPO sales manager of Bungal Hydro.
