Api Power Company Limited (API) Announces Rights Issue from Shrawan 31

Api Power Company Limited (API) is set to issue rights on the 31st of Shrawan. The company plans to offer 40 percent of its current paid-up capital at a ratio of 1:0.40.

As of now, the company's existing paid-up capital stands at Rs. 4.13 Arba, which will increase to Rs. 5.78 Arba after the proposed issue. Under the new rights issue, the hydropower company will distribute the ratio of 1:0.40, resulting in a total of 1 crore 65 lakh 33 thousand 137 right shares with a nominal rate of Rs. 100 each.

Interested parties can submit their applications for the rights issue until the 19th of Bhadra.

However, the company has announced that the book closure date for the rights issue is Ashad 22. As a result, only permanent shareholders will be eligible to apply for the rights until Ashad 21, 2080.

The Securities Board of Nepal (SEBON) granted permission for the shares issuance on Ashad 6. The company had formally applied to the board seeking permission on the 6th of Chaitra.

According to the company's statement, the primary purpose of issuing rights is to raise funds to redeem the loans associated with the projects that the company is currently operating and utilizing for electricity production.