KATHMANDU: The Securities Board of Nepal has approved the IPO proposals of 3 hydropower companies. Nyadi Hydropower Limited is issuing an IPO of 40.50 lakh units of shares.
Citizen Investment Trust is appointed as the underwriter of the IPO issue. Basically, an underwriter is an institution that pledges to buy all the shares of an issue that are unsold. CRNL has assigned grading of ‘CARE-NP IPO Grade 4’ to the proposed Initial Public Offer (IPO) of Nyadi Hydropower Limited (NHL).
The public issue is 27% of the issued capital. After the IPO issue, the paid-up capital of the company will be Rs. 1.5 Arba. Global IME Capital has been appointed the issue manager. The board approved the proposal on Shrawan 11.
Nyadi Hydropower Limited is a public company, incorporated on March 1, 2007. It is promoted by Butwal Power Company Limited (BPCL) and Lamjung Electricity Development Company Ltd. (LEDCO) for setting up a 30 MW run-of-river, Nyadi Hydropower Project (NHP) in Marshyangdi Municipality, Lamjung district of Nepal.
The board has also approved the IPO proposal of Sahas Urja Ltd, the developer of the 86 MW Solu Khola Dudh Koshi hydro project. The company will issue its 1.05 crore unit shares to project affected locals and to the general public.