AHPC invites bids to auction 1.49 lakh units of unclaimed right shares

ShareSansar, May 29:

Arun Valley Hydropower Development Company Limited (AHPC) has decided to auction promoter and ordinary shares that remained unclaimed following the 1:1 right issue floated back in March and April.

According to a notice issued by the hydropower developer, the interested bidders can now submit bids for the auction by June 6 at Global IME Capital Limited at Jamal, the issue manager.

The applicants must bid for a minimum of 100 units and maximum of 5,000 units and must bid for more than Rs 100 per unit, according to the company.

Altogether 1,49,918 units of shares -- 25,460 units of promoter share and 1,24,458 units of ordinary shares --- remain unclaimed following 35.04 lakh units of rights issue floated at a face value of Rs 100.
The 1:1 right shares are likely to be listed for trading around mid-June.

It may be noted that the hydropower company has already announced book closure on February 13 for the.

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.

Once the hydropower company completes the issuance of rights shares, its paid-up capital would rise to Rs 60.98 crore, up from the existing 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.