Gelun Khola Hydropower appoints NMB Capital as issue manager to float 22.50 lakh units IPO shares

Gelun Khola Hydropower Company Limited has appointed NMB Capital Limited as its issue manager for issuing 22.50 lakh units  Initial Public Offering (IPO) shares. Mr Churna Prasad Shrestha, Chairman of Gelun Khola Hydropower and Mr Kamal Prasad Nepal, Acting CEO NMB Capital signed on the agreement yesterday (Baisakh 6, 2074). Issuing the press statement , it stated that the hydropower company will be issuing 5 lakh unit shares worth Rs 5 crore as part of its IPO for the locals of project affected area of Sindhupalchowk district (Hagam, Jalbire and Baramchi VDC) and after the IPO for locals of project affected area, the company will be floating 17.50 lakh units shares worth Rs 17.50 crore as a part of IPO for the general public. Gelun Khola Hydropower Company operates a 3.2 MW Gelun Small Hydropower Project in Sindhupalchowk district that had started on Chaitra, 2065. The company entered into public company last year. Gelung Hydropower aims to earn Rs 9 crore yearly from the project. The hydropower project has 510 liter per second design discharge and 733 meter project head. The authorized and issued capital of company stands at Rs 50 crore.  The amount received from IPO will be utilize to develop other hydropower projects and payment of loans.