Api Power upcoming 200% Right share issue receives ICRA rating of Grade 4; All paper works of company completed; SEBON to provide approval anytime soon

Api Power Company Ltd (API) has received the ICRA Rating of Grade 4 by ICRA Nepal for its upcoming Right issue of 1:2 right shares. The company has a paid up capital of 100 crores and is trying to raise an additional 200 Crores for its upcoming projects. The company is investing 80% in Siddhakali Power Ltd which is developing 75 MW Trishuli Galchi Hydropower Project. Api Power is also constructing 8 MW Upper Naugarh Gad Small Hydropower Project at Darchula District in the same Naugarh Gad River. Earlier the company had constructed an 8.5 MW project in 17 months. The first Special General Meeting (SGM) of Api Power Company held on Chaitra 27, 2072 had endorsed 1:2 right share for construction of hydro power projects. The company believes that now the final approval from the SEBON should happen any time soon as all the paper works have been completed by the company. API had a net profit of Rs 1.53 crore in the third quarter of the current fiscal year 2072/73. Siddhartha Capital Limited has been appointment the issue manager for this issue.