AHPC refunding non-allottees; 1:1 right shares likely to be listed by mid-June

ShareSansar, May 30:

Arun Valley Hydropower Development Company Limited (AHPC) is refunding the non-allottee of the 1:1 right shares it had issued from March through April.

The company has urged the non-allottees to contact the respective centers where they had applied for the 35.04 lakh units of right shares floated a face value of Rs 100 per unit.

The right issue had closed on April 28.

It may also be noted that the hydropower developer has just invited interested bidders to 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 the rights issue.

Meanwhile, a source at AHPC has told ShareSansar that the 1:1 right shares are likely to be listed for trading around mid-June.

“We are planning to distribute IPO certificates from Wednesday or Thursday next week, and finish distributing it within two to three days,” AHPC company secretary Arjun Neupane told ShareSansar today. “Since we are also planning to get the unclaimed right shares listed following the ongoing auction, we should be able to get all the shares listed by the first week of Ashad.”

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.

Following the right issue, AHPC’s paid-up capital has risen to Rs 60.98 crore, up from 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.