Kathmandu. The application process for the first phase of the IPO of Beni Hydropower Project will be open from March 14. In the first phase, the company has opened the IPO for the locals of the project-affected areas and 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 has issued 10.4 million units of 10 percent of the issued capital to 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. A total of 312,000 units of 30 percent shares have been issued to the residents of Provinces 5, 6, 7 and 11 while 200,08,000 units have been issued to the residents of other areas of the less affected areas of Solukhumbu district.
Similarly, out of the total 10,40,000 units allotted to the general public, 10% of the total offered shares would be issued to the Nepalese working abroad.
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.
The IPO for project-affected locals will be closed on March 29 and late on Chaitra 15, while for the Nepalis working abroad, it will be on March 15 at the earliest and on March 29.
NMB Capital has been appointed as the issue manager for the IPO issuance.
