Arun Valley Hydropower to float 31.75 lakh units FPO; Siddhartha Capital appointed issue manager

Arun Valley Hydropower Development Company Limited (AHPC) has appointed Siddhartha Capital Limited as the issue manager for its upcoming Further Public Offering (FPO). AHPC is seeking to issue 31,75,883 units further shares to the general public to restructure its promoter-public shareholding pattern to 51:49 from the current 70:30. Mr. Guru Prasad Neupane, chairman of AHPC and Mr. Dhruba Timilsina, CEO of Siddhartha Capital signed the agreement of FPO issue on Baisakh 26. AHPC aims to use the money raised from FPO to build 9.94 MW Kabeli-B1 Cascade Hydropower project. AHPC has earned net profit of Rs 3.44 crore in the third quarter of the ongoing fiscal year 2073/74. Its paid up capital currently stands at Rs 84.81 crore. After the FPO, its paid up capital will reach Rs 1.16 arba. Also See: Why has hydropower sector lost its charm in NEPSE? (Case Study of Arun Valley Hydropower)