Kathmandu. Sanigad Hydro is going to open its IPO from March 24.
In the first phase, the company is going to issue IPO to the locals of the project-affected areas and the Nepalis who are working abroad. The company has been permitted to issue 8.55 million units of shares at a face value of Rs 85.50 crore, which is 30% of the issued capital of Rs 2.85 billion.
Out of the issued capital, the company is issuing 10% of the total 28,50,000 units of ordinary shares to the locals of the project-affected areas. Out of them, 18,52,500 units of shares have been set aside in Bungal Municipality Ward No. Residents of ward no. 1, 2 and 4 and the remaining 997,500 units of land will be allocated to ward no. 1, 2 and 4 of Bungal Municipality. Residents of Provinces 3, 5, 6, 7, 9, 10 and 11 have been allocated for the residents.
Similarly, 10% of the total shares allotted to the general public can apply for 5,70,000 units. Applications can be place for minimum 10 units and maximum 20,000 units.
The interested bidders can bid for the shares from Laxmi Sunrise Bank’s Chainpur branch, Global IME Bank, Rastriya Banijya Bank and Agriculture Development Bank’s Bajhang branch. Nepalis who are in foreign employment can apply for the shares from the banks and financial institutions that are participating in the ASBA service and their designated branch offices as well as from the Securities Board of Nepal (SEBON).
The IPO will be issued on April 22 at the earliest and on April 7, 2083 for the locals, and on April 22 for the Nepalese working abroad, it will be on April 22.
Laxmi Sunrise Capital Limited has been appointed as the issue manager for the IPO issuance.
