AHPC plans to list 1:1 right shares for trading by mid-May

ShareSansar, February 18:

Arun Valley Hydropower Development Company Limited (AHPC) plans to list its much overdue 1:1 right shares within the month of Jestha i.e. by mid-May.

The hydropower company has already announced book closure on February 13 for the rights shares.

A highly placed source at AHPC told ShareSansar that they will issue the offer letter for the right shares most probably on March 7, and go on to open the issuance of the right shares by the first week of Chaitra i.e. by March 21.

“Nevertheless, we are planning not only to allot the right shares within Jestha but to get them listed within that month,” added the source.

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 floats the 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.