AHPC starts distributing right share certificates; trading expected by Ashad 2nd week

ShareSansar, June 11:

Arun Valley Hydropower Development Company Limited (AHPC) will start distributing certificates from the 1:1 right shares it had issued from March through April.

This comes after it completed refund to the non-allottees last month, and auction of the unclaimed right shares earlier this week.
 
The company has floated 35.04 lakh units of right shares floated a face value of Rs 100 per unit, and the right issue had closed on April 28.

Meanwhile, a source at AHPC has told ShareSansar that the 1:1 right shares are likely to be listed for trading around mid-June.

AHPC company secretary Arjun Neupane said that they are planning to get the right shares, including the unclaimed right shares they have recently auctioned, listed by the first week of Ashad, so that the trading could start by the second week of the month.

The fourth Annual General Meeting of the hydropower developer held two years back had endorsed the rights shares.

In December end, ICRA Nepal had awarded Grade 3 credit rating to the rights shares, which is not bad at all.

Following the right issue, AHPC’s paid-up capital has risen to Rs 60.98 crore, up from Rs 30.49 crore.

The money collected from the rights issue will go on to fund hydropower projects being constructed by AHPC.

The projects under AHPC are Piluwakhola Hydropower Project (3MW), Ridikhola hydropower (2.4 MW), Kabeli-B1 Hydropower(25MW), Upper Piluwakhola Hydropower - (11MW), Lower Phemekhola Small Hydropower (3.5 MW) and Upper Khimtikhola Small Hydropower Project (12MW).

Among them, Piluwakhola  and Ridikhola hydropower have been completed while the rest are in different stages of development.