Ridi
Hydropower Development Company has floated 1.17 million units of ordinary
shares with a face value of Rs 100 per unit from today.
The company
that had received nod from the Securities Board of Nepal (Sebon) to issue
shares worth Rs 117 million on February 3 will open its Initial Public Offering
(IPO) till February 20.
The 2.4-megawatt hydropower project has been
developed on Ridi River in Gulmi and Palpa districts. "Some 58,500 units
of shares have been separated to three mutual funds – Nabil Balance-1,
Siddhartha Investment Growth Scheme-1 and Nagarik Yekanka Yojana – on
proportional basis apart from some 23,500 units to its employees, according to
Sebon regulation.
An investor
can apply a minimum of 50 units to a maximum of 10,000 units, said the company
that has appointed Civil Capital Market and Elite Capital as the issue
managers.
The paid up
capital of the hydel company will reach Rs 300 million, after the public issue.
The hydropower company is also planning to develop 10-MW Iwa Khola Hydropower
in Panchthar district.
Ridi Hydropower
will become the sixth hydropower company to be listed at the Nepal Stock
Exchange (Nepse) that already has Arun Valley Hydropower, Butwal Power, Chilime
Hydro Power, National Hydro Power and Sanima Mai Hydropower under its
hydropower sub group that is slowly changing the investment scenario in the
stock market.
Barun Hydropower will be
the seventh hydropower company to be listed at the Nepse as it had already
sought permission to issue 243,000 units of shares to the locals of the
hydropower affected area, whereas Upper Tamakoshi Hydro Power will be the
eighth hydropower company as it is also planning to float 25.42 million units
of shares.
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