Kalanga Hydro Limited Closing IPO Shares to Project-Affected Locals of Bajhang From Today

Kalanga Hydro Limited is closing the issue of 14,00,000 units of Initial Public Offering (IPO) shares for project-affected locals of Bajhang District today, 24th Chaitra, 2082. The IPO had opened on 10th Chaitra, 2082.

The issued capital of the company is Rs. 1.40 Arba. Of this, 35%, i.e., 49,00,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 14 lakh unit shares worth Rs. 14 Crores, will be allocated to project-affected locals in Bajhang District. The remaining 25% of the issued capital, i.e., 35 lakh unit shares, will be offered to the general public.

Of this general public issue, 10% of 35,00,000, a total of 3,50,000 unit shares, were allotted to Nepalese citizens working abroad.

For project-affected locals, the minimum application quantity is 10 units, and the maximum is 20,000 units. For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 20,000 units.

Sanima Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has revised the issuer rating assigned to Kalanga Hydro Limited (KHL) to ‘CARE-NP BB (Is)’ from ‘CARE-NP BB- (Is)’. Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal.

Kalanga Hydro Limited (KHL) was initially incorporated as a private limited company on 20 December 2007 (converted to a public limited company on July 14, 2021) by a group of individual and institutional promoters for the setting up of a 15.33 MW, run-of-river, Kalanga Gad Hydroelectric Project in the Bajhang district of Nepal. The project is constructed under the BOOT mechanism.