Tuesday, September 10, 2013

Sanima Mai hydro to float 2.11 million unit ordinary shares from September 20

Sanima Mai Hydropower is floating 2.11 million units of primary shares to the public in two weeks.
The fifth hydropower company in the Nepali capital market will issue the Initial Public Offering (IPO) of its 2.11 million units at a face value of Rs 100 per unit on September 20-24.
The public issue managed by NIDC Capital will close on September 24 at the earliest or by October 4 at the latest, according to the regulation.
The 22-MW hydropower project’s IPO has been rated ‘[ICRANP] IPO Grade 3’ by the only rating agency of the country – Icra Nepal – indicating an average fundamentals to the proposed primary issue.
An investors can apply a minimum of 50 units or a maximum of 100,000 units from any of the determined 34 outlets, it said.
Promoted by NRNs Sanima mai Hydro has already allotted Rs 105 million worth shares to the locals of the project affected areas in nine VDCs of Ilam districts in July.
Following the current public issue, the hydropower will have Rs 1.05 billion paid up capital.
Sanima Mai is developing two hydropower projects with an aggregate capacity of 29 MW, including A 22-MW Phase I project that is expected to commission in July 2014 and 7-MW Phase II project that is expected to commission in July 2015.
Nepal Stock Exchange has listed four hydro companies — National Hydropower, Butwal Power, Arun Valley Hydropower and Chilime Hydropower – that share around six per cent of the total market capitalisation of listed companies.

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