Kathmandu. Beni Hydropower Project is going to issue the first phase of IPO from March 14. In the first phase, the company is going to open the IPO for the locals of the project affected areas and for the Nepali migrant workers abroad.
The Securities Board of Nepal (SEBON) has given permission to Beni Hydropower to issue an initial public offering (IPO) of Rs 1.04 billion. The company will issue 20,80,000 units of ordinary shares at a face value of Rs 100.
In the first phase, the company is issuing 10 percent of its issued capital at a face value of Rs 100 for the project-affected locals. Out of the total 50,000 units of land to the residents of Solududhkunda Municipality Ward No. 2, 3 and 4 of Solukhumbu district, 50 percent of the total 520,000 units will be allocated. Similarly, 312,000 units will be issued to the residents of ward no 5, 6, 7 and 11 and 200,08,000 units will be issued to the residents of less affected areas of Solukhumbu district.
Similarly, out of the total 10,40,000 units of shares allotted to the general public, 10% will be issued for the Nepali migrant workers.
Applications can be place for minimum 10 units and maximum 10,000 units. Interested bidders can bid for the shares from NMB Bank, Solukhumbu branch of NMB Bank, Laxmi Sunrise Bank, Solukhumbu branch of Global IME Bank and Prime Commercial Bank at Necha Salyan, Solukhumbu. Nepalis who are in foreign employment can apply for the C-ASBA service from the banks and financial institutions and their designated branches as well as CDSC.
NMB Capital has been appointed as the issue manager for the IPO issuance.
