Kathmandu. Bhujung Hydropower is set to issue its first phase of IPO on Poush 3. The company is going to issue it to project-affected locals and Nepalis employed abroad in the first phase.
The Nepal Securities Board has granted permission to Bhujung Hydropower to issue ordinary shares of Rs 100, equivalent to Rs 200 million, which is 20 percent of the issued capital of Rs 1 billion. In which 10 percent of the issued capital, i.e. shares equal to Rs 100 million, has been allocated to project-affected locals and shares equal to Rs 100 million have been allocated to the general public.
The company is issuing 600,000 shares, which is 60 percent, for the directly affected areas of Kholasothar Rural Municipality Ward No. 4 of Lamjung, and 400,000 shares, which is 40 percent, for the indirectly affected locals in Ward Nos. 1, 2, 3, 5, 6, 7, 8 and 9 of the same rural municipality.
Similarly, the company will issue 100,000 units out of the 1 million units allocated for the general public to Nepalis in foreign employment, which will be 10 percent.
Both groups will be able to apply for this IPO from a minimum of 10 units to a maximum of 50,000 units. Locals can apply from the Kholasothar Rural Municipality Ward No. 4 Office, Kholasothar Rural Municipality Office, Kumari Bank, Sanima Bank, Prabhu Bank, Machhapuchhre Bank’s Besisahar Branch and Bhujung Hydropower’s registered office in Samakhusi, Kathmandu.
Similarly, Nepalis in foreign employment can apply from all C-ASBA member banks and financial institutions licensed by the Securities and Exchange Board of Nepal and their designated branch offices as well as CDSC’s Mero Share.
The IPO for Nepalis in foreign employment will close at the earliest on Poush 7 and at the latest on Poush 17, while for locals it will close at the earliest on Poush 17 and at the latest on Magh 2 after banking hours.
Kumari Capital is the sales manager for this IPO.
