AHPC starts form distribution for 1:1 right shares; expected to be listed by mid-June

ShareSansar, March 25:

Arun Valley Hydropower Development Company Limited (AHPC) has started issuing the much overdue 1:1 right shares from today.

AHPC has stated that the issuance of the rights shares, which is being floated at a face value of Rs 100, will close on April 28.

Elite Capital Limited is the issue manager.

The company official also informed ShareSansar that they are planning not only to allot the right shares but to get them listed around mid-June.

It may be noted that the hydropower company has already announced book closure on February 13 for the 35.04 lakh units of rights shares.

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.