Kathmandu. The Electricity Regulatory Commission (ERC) has reduced the size of the right shares of Syapatri Hydropower.
The Commission has given prior approval to Sayapatri Hydropower to issue only 1:0.74 percent of the existing paid-up capital i.e. 74 percent right shares. According to this, the company has got prior approval to issue right shares worth Only Rs 222.55 million.
Earlier, the company had submitted an application to the Electricity Regulatory Commission seeking pre-approval for issuance of 100 per cent right shares in the ratio of 1:1 of the existing paid-up capital. However, a meeting of the Board of Directors of the Commission held on September 28 reduced the size of the right shares.
The Commission has given prior approval to Issue Right Shares to Sayapatri Hydropower for the purpose of paying the principal and interest of the loan taken from Nepal Bank and Global IME Bank. Now the company will apply to the Securities Board of Nepal seeking permission to issue the right shares after passing the proposal to issue the right shares through its general meeting.
