Upper Tamakoshi IPO issue halted indefinitely; to resume soon, say officials

ShareSansar, March 22:

Although uncertainties hang over the IPO issue of Upper Tamakoshi Hydropower Project Limited (UTKHPL), top officials associated with the project say there is no reason to worry.

Issuance of Upper Tamakoshi Hydropower Limited has been halted indefinitely after work at the project site remained stalled for more than a week.

After the issuance of shares for the employees of the promoter organizations and depositors of Employment Provident Fund, the preparations were underway to call applications from the project-affected locals. But UTKHPL decided to halt the share issuance indefinitely following the agitations of the locals residing near the project site and the labors working for the project.

Meanwhile, Bijendra Nuchchhe Pradhan, an officer with NIDC Capital, said the developments would not have any serious effect on the IPO issuance process.

“The protest has been going on right from the beginning but it has not hampered the collection. The project has already collected Rs 10 arba till now,” Mr Pradhan said. “The offer will close for EPF depositors and promoter’s employees on Chaitra 15 and further issuance will happen as per the order of SEBON.”

The IPO will be issued for general public and other stakeholders after locals of Dolakha complete filing their applications.

As per the project, the share issuance has been stopped in order to implement the decision reached on Falgun 11 with the district-level coordination committee with SEBON’s approval. The project is unlikely to delay the process as it is in urgent need of cash to carry the works forward.