API Power 200% right share book closure to be announced within this month; paid up capital to reach Rs 300 crore

Api Power Company Limited (API) is coming out with 1:2 right issues worth Rs 2 arba to its shareholders. The issue manager for the right issue is Siddhartha Capital Limited. The process to issue right share of API is on review in SEBON. 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. Sanjeev Neupane, Managing Director of Api Power Company said, “Most probably SEBON will approve the right share within next week as all the paper works have been completed from the company side. The book closure notice for right shares will be published within Ashad end.” The company has a paid up capital of Rs 100 crores and is trying to raise an additional Rs 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. API had earned net profit of Rs 1.53 crore in the third quarter of the current fiscal year 2072/73. At present the company has authorized capital of Rs 1.25 arba, issued capital Rs 1 arba and paid up capital Rs 1 arba.