SEBON Grants Approval For 100% Right Share Issuance to Upper Tamakoshi Hydropower

The Securities Board of Nepal (SEBON) has granted approval for the issuance of 100 per cent right shares to Upper Tamakoshi Hydropower Limited (UPPER) on Friday.

Upper Tamakoshi (UPPER) was looking to issue 100% right shares worth Rs. 10.59 Arba through the issue of 105,900,000 (1: 1) units of right shares to its existing shareholders.

The proposal had been pending in SEBON's pipeline. The application was submitted to the board on Falgun 18, 2079.

The paid-up capital of the company after the adjustment of the proposed right share will increase to Rs. 21.18 Arba.

Sunrise Capital is appointed as the issue manager.

Upper Tamakoshi Hydropower Limited operates a 456-MW Upper Tamakoshi Hydroelectric Project in the Dolkha district of Bagmati Province of Nepal. The paid-up capital of the company as of mid-July 2022 is NPR 10,590 million, which is 51% promoter-held and 49% public held. The 456-MW project owned by the company is the largest operational project in Nepal and is a peaking run of the river (PROR) type (four hours peaking capacity) and has been developed at a 32% probability of exceedance (Q32).