Api Power appoints Siddhartha Capital as issue manager for 1:2 (200%) right shares; Applying in SEBON tomorrow

Api Hydropower Company Limited (API) has appointed Siddhartha Capital Limited as the issue manager for the 1:2 ratio (200%) right issue. An agreement was signed by Guru Prasad Neupane, Chairman of Api Power Company and Mr. Dhurba Timilsina, CEO of Siddhartha Capital for the right issue that would be floated in the near future. Sanjeev Neupane, Managing Director of Api Power Company said,” The right issue will be sent for approval by tomorrow in Securities Board Of Nepal (SEBON). We have fulfilled the criteria for the right share and we are confident that Sebon will approve the issue within a month.” After issuing right share, the paid up capital of the company will reach to Rs 3 arba. API has earned a net profit of Rs 84 lakh in the second quarter of the Fiscal Year 2072/73. The SGM of Api Power Company had endorsed 1:2 right share for construction of hydro power projects. The money collected after the issuance of the right shares, will be used in construction of 75 MW Trishuli Galchi hydropower project. Its last traded price (LTP) stood at Rs 603 as on May 5, 2016.