Ridi hydropower receives Rs 1.15 billion worth application in first two days

The ordinary shares of Ridi Hydropower Development Company has drawn Rs 1.15 billion in the first two days.

The 2.4-MW hydropower company has floated 1.17 million units of primary shares  from yesterday.
The Initial Public Offering (IPO) at the face value of Rs 100 per unit is being managed by Civil Capital Market and Elite Capital and will close on February 20.

An applicant can apply for a minimum of 50 units and a maximum of 10,000 units.

Earlier, Ridi Hydropower has already issued 300,000 units of primary shares to the locals of hydropower affected areas last October.
Ridi Khola Small Hydropower Project came into operation four years ago has already sold electricity worth Rs 148.30 million to Nepal Electricity Authority.

The company, with an authorised capital of Rs 500 million and issued capital of Rs 300 million, has paid-up capital of Rs 183 million after the issuance of the primary shares to the locals. After the public issue, Ridi Hydropower will have Rs 300 million paid up capital.

In the last fiscal year 2012-13, the hydropower company has posted Rs 21.2 million net profit. It is promoted by Arun Valley and Rairang Hydropower Development Company, which have four hydel projects under them.