Kathmandu. Bhujung Hydropower can apply for the first phase of IPO from December 17. In the first phase, the company has issued the issue to the project-affected locals and Nepalis who are in foreign employment.
The Securities Board of Nepal (SEBON) has granted permission to Bhujung Hydropower Company Limited to issue 20 percent of its issued capital i.e. Rs 200 million. Out of the total issued capital, 10 percent i.e. Rs 100 million has been set aside for the project affected share and Rs 100 million for the general public.
Among the project-affected locals, the company has constructed a project in Kwolasothar Rural Municipality Ward No. 60 percent of the total 60 percent and 40 percent of the total 400,000 units of land will be allocated in the same rural municipality. Issues have been issued for locals affected indirectly for wards 1, 2, 3, 5, 6, 7, 8 and 9.
Similarly, out of the total 10 Lakh units allotted for the general public, 10% of the total offered units can be applied for by the Nepalese who are on foreign employment.
Applications can be place for minimum 10 units and maximum 50,000 units. Locals of Kwolasothar Rural Municipality Ward No. Interested bidders can bid for the shares from Kumari Bank, Sanima Bank, Prabhu Bank, Machhapuchchhre Bank and Bhujung Hydropower Limited’s registered office at Samakhusi, Kathmandu.
Similarly, Nepalese who are on foreign employment can apply from all the Securities Board of India (SEBON) member banks and financial institutions and their designated branches.
The IPO for Nepalis who are in foreign employment will close on December 20 at the earliest and on January 1 at the latest, while for locals, the banking will close on January 1 and January 17 at the earliest.
Kumari Capital has been appointed as the issue manager for the IPO.
