Sanima Mai hydro’s primary shares issue oversubscribed, closed

Sanima Mai Hydropower’s primary issue has been oversubscribed by around 29 times and closed today.

The shares of the 22-MW hydropower project that had floated some 2.1 million units of shares to the general public on September 20-24 has been oversubscribed by 28.57 times to Rs 6 billion, according to the issue and sales manager NCM. “The company received some 65,000 applications.”

Promoted by Non Resident Nepalese (NRNs) including Upendra Mahato, Jivanath Lamichhane, Arun Kumar Ojha the project has been under construction at Chisapani of Danabari of Illam in Eastern Nepal.
The promoters have 70 per cent, locals of Ilam 10 per cent and 20 per cent shares now belong to the general public, after the public issue.

With Rs 2.70 billion authorised capital and Rs 1.05 billion issued capital, the company will also have Rs 1.05 billion paid up capital after the public issue.

The fifth hydropower company to be listed at the Nepse in a month after the share allotment is expected to be completed by 2015.

The management of the company is led by Dr Subarna Das Shrestha, who has 13 years of experience in the hydropower sector.

ALSO READ: http://businessjournalist.blogspot.com/2013/09/sanima-mai-hydro-to-float-211-million.html