AHPC right share certificates from tomorrow; likely to be listed by mid-June

ShareSansar, June 10:

Arun Valley Hydropower Development Company Limited (AHPC) will start distributing certificates from the 1:1 right shares it had issued from March through April.

This comes after it completed refund to the non-allottees last month, and auction of the unclaimed right shares earlier this week.
 
The company has floated 35.04 lakh units of right shares floated a face value of Rs 100 per unit, and the right issue had closed on April 28.

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 finish distributing the share certificates 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 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.