Kathmandu. Suryakunda Hydro Electric Limited (Suryakunda Hydropower Electrical) is going to issue IPO from December 22. In the first phase, the company is issuing IPO to the locals of the project-affected areas and the Nepalis who are employed abroad.
The company was allowed to issue 13,79,350 units of shares worth Rs 13,79,35,000 i.e. 20% of the issued capital of Rs 68,96,74,400.
Out of the total paid-up, 10% of the issued capital i.e. 689,675 units of ordinary shares at the rate of Rs 100 per share will be issued to the locals of the affected area. All the residents of Dupcheshwor Rural Municipality of Nuwakot can apply for the shares.
Similarly, the company is issuing 68,967 units of ordinary shares at a face value of Rs 100 per share i.e. 10 percent of the total amount of shares to the general public.
Applications can be place for minimum 10 units and maximum 50,000 units. The local residents of the project-affected areas can apply for the IPO till January 23 at the earliest and till January 22.
Nepalis who are on foreign employment have to apply by December 28. If there are not enough applications within this period, they can apply till January 23.
Care Ratings Nepal has assigned CareNP Double B Minus Issue Rating to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
Kumari Capital Limited has been appointed as the issue manager for the IPO issuance. The eligible applicants can apply for the post through the Securities Board of Nepal (SEBON) approved by the Securities Board of Nepal (SEBON) from all ASBA member banks and financial institutions and their designated branch offices. In addition, the interested bidders can also apply online using ‘Mero Share’ software developed by CDS and Clearing Limited through C-ASBA system.
The locals can collect the applications from Jyoti Bikas Bank’s Samundratar branch, Agriculture Development Bank’s Khairenitar branch, Rastriya Banijya Bank’s Khairenitar branch, Trade Tower, Thapathali registered office and Dupcheshwar Rural Municipality. Locals of the project-affected areas have to pay Rs 2 as application fee for the share purchase application.
