Kathmandu. Ichcha Limited, the first and only five-star hotel in Madhes province located at Simara in Bara, is going to issue shares to the general public. A memorandum of understanding (MoU) was signed today to appoint Himalayan Capital Limited as issue and sales manager for the issue. Chief Executive Officer of the hotel Revanta Prasad Dhobdel and Chief Executive Officer of Himalayan Capital Parmeshwar Panta signed the agreement on behalf of their respective organizations.
On behalf of the company, director Munson Wagle, founder shareholders Lalkaji Khadka, Gokarna Khatiwada, Sanjog Bikram Kunwar and chief operating officer of the sales manager company Ram Prasad Bhattarai were also present on the occasion.
Authorized Capital Rs. 200 crore and the issued capital is Rs. The hotel, which has a turnover of Rs 150 crore, has 20 per cent of the issued capital i.e. Rs. Three million units of shares worth Rs 300 million will be issued to the general public. Former President of Nepal Land and Housing Association and social worker Ichchha Bahadur Wagle inaugurated the hotel in 2074 BS by india’s famous yoga guru Baba Ramdev and brought it into operation as a four-star hotel.
The hotel, which initially came into operation with individual self-investment, has brought in the general public and high-ranking business house individuals and companies as promoters in the current financial year. It has reached 120 crores. Built on more than five bighas of land, the hotel has 100 well-equipped rooms, swimming pools, casinos, spas, banquets, clubhouses, etc.
Chief promoter of the company, Ichchha Bahadur Wagle, said that the company plans to apply for approval of the public issue by passing the proposal in the general assembly in the current fiscal year and the company plans to issue shares to the general public within the next fiscal year.
The construction of the mini casino is underway to shift the existing mini casino to a separate building to operate a five-star hotel level casino. He also informed that discussions regarding giving the responsibility of operating the hotel to india’s famous hotel management group to identify the hotel at the international level have almost reached the final stage and an agreement will be signed in a few days. For this, the renovation of the hotel and the standardization of the rooms have been started and it will soon be converted into an international-standard hotel, he said.
Known as the destination marriage hub for the citizens of Bihar state, this hotel conducts 30 to 40 marriage programs annually in the hotel. About 19 km from the Indian border. Mr. Located far away, this hotel has become a hub for Indian citizens to play casinos. With the completion of the Kathmandu-Nijgadh fast track, the number of Indian nationals coming to Nepal by road will increase. Mr. Wagle said that the hotel has been upgraded to a five-star hotel as it will be easier from Simara Airport located at a distance and preparations are being made to build an airport in Raxaul, India.
