Kathmandu. Kalanga Hydro Limited (HYDRO) has opened its initial public offering (IPO) from March 24. In the first phase, the company has issued the initial public offering (IPO) to the locals of project-affected areas and the Nepalis who are employed abroad.
The company has been allowed to issue 49 lakh units of shares worth Rs 490 million, i.e. 35 percent of the issued capital of Rs 1.40 billion. In the first phase, 14 lakh units of ordinary shares worth Rs 140 million each have been issued to the locals of the project-affected areas.
Out of the total number of shares, 910,000 units have been allotted to the locals of Kedarsyun Rural Municipality, Ward No. 4 and 5, Bitthadchir Rural Municipality Ward No. 6 and 8, Bungal Municipality Ward No. 3, 4, 6, 8 and 5, Dilasaini Rural Municipality Ward No. 1 and 2 of Baitadi District and Shailyashikhar Municipality Ward No. 1 of Darchula District and 490,000 units of shares have been allotted to the residents of Kedarsyun Rural Municipality of Bajhang. Locals of Bitthadchir Rural Municipality, Bungal Municipality, Dilasaini Rural Municipality of Baitadi and Shailyashikhar Municipality of Darchula district have been divided into wards.
Similarly, 10% of the total offered shares to the general public at a face value of Rs 100 per share will be issued to the Nepalese working abroad after obtaining labour permit from the concerned body of the government.
Applications can be place for minimum 10 units and maximum 20,000 units. Locals of the project-affected areas can apply for the project till April 24 at the earliest and until April 24, 2083 at the latest. Nepalis who are on foreign employment can apply for the post by April 24 at the earliest and till April 24 at the earliest.
The interested bidders can bid for the shares from the local office of Global IME Bank, Jaya Prithivi Municipality-10, Bajhang, Gokuleshwor, Shailyashiver-9, Darchula branch of Kumari Bank, Chhabispathibhara Rural Municipality, Bajhang and Dilasini Rural Municipality, Baitadi branch of Agricultural Development Bank, Bungal Municipality-4, Bajhang.
Nepalis working abroad can apply for the ASBA service from the banks and financial institutions and their designated branch offices and CDSC’s ‘My Share’.
Sanima Capital Limited has been appointed as the issue manager for the IPO issuance.
