Kathmandu: Mabilung Energy Limited has appointed Laxmi Capital Limited as its issue manager for the upcoming initial public offerings (IPOs). Asian Life Insurance Company Limited (ALICL) is one of the major promoters behind Mabilung Energy Limited.
Mabilung has developed a hydropower project in Upper Piluwa Khola-III of the Sankhuwasabha district, which has the potential to generate 4.95 Megawatts of electricity. The project is currently in the construction phase, with 50% of the construction work remaining.
As part of the engagement, a memorandum of understanding has been signed and exchanged between the CEO of Laxmi Capital Market Limited, Mr. Rajiv Sapkota, and the Director of Mabilung Energy Ltd., Mr. Debin Shrestha.
Asian Life Insurance Company Limited has 32 percent, Guheshwari Merchant Banking & Finance Limited has 19 percent and Trust Energy Private Limited has a 10 percent stake in the hydropower project. Apart from it, the investment of the remaining six individuals group is 39 percent jointly.
This project is estimated to be completed in the ratio of 70:30 debt and capital at a total cost of NPR 93.70 crore. Out of the total paid-up capital NPR 28.1 crore, 70 percent is held by the promoter shareholders while the remaining 30 percent will be arranged from IPOs.