Molung Hydropower Company Limited is going to open the IPO issue and sale from tomorrow,
Paush 19.
The company is about to issue an IPO for the local residents of the project-affected areas and the Nepali people who are working abroad after obtaining labor approval from the relevant agencies of the Government of Nepal.
The company is going to issue 8,02,500 shares worth 80,250,000 rupees at the rate of 10 percent of its issued capital of 80,2500000 rupees for the residents of the affected areas.
Similarly, the company is going to issue 2 lakh 72 thousand 850 shares for Nepalis working abroad, 1 lakh 36 thousand 425 shares for collective investment fund and 54 thousand 570 shares for employees.
5 percent of the shares to be issued for the residents of the project-affected areas will be distributed to the residents of Molung rural municipality of Okhaldhunga district, while the remaining 5 percent will be distributed to the residents of Sunkoshi rural municipality and residents of Siddicharan municipality.
In the company’s IPO, you have to apply for a minimum of 10 shares, and you can apply for a maximum of 8,000 shares.
The company’s IPO can be applied for until Magh 3rd.
For the shares issued for the residents of the project-affected areas, if the complete application is not received by that period, the application can be made until Magh 18th.
In the rating given for the IPO issuance, Icra Nepal has given the company Icra NP Issuer Rating Double B rating. This indicates that there is moderate risk in the company’s ability to meet its financial obligations.
Sunrise Capital Limited is the issuing and issue manager of the company. Residents of the project affected areas can apply from the designated branch offices of Sunrise Bank, Machhapuchhre Bank, Muttiah Nath Bikas Bank, Kumari Bank and Laxmi Bank. Similarly, all ASBA member banks and financial institutions approved by the Nepal Securities Board and their designated branch offices can apply through the C-ASBA system to local residents and Nepalese employed abroad.