Bandipur Cable Car and Tourism Closing IPO Shares to Nepalese Employed Abroad From Today

Bandipur Cable Car and Tourism Limited is closing the issue of its IPO shares to the foreign Nepalese Immigrants today, the 9th Shrawan, 2082. The issue opened on the 6th Shrawan, 2082.

The issued capital of the company is Rs. 2.83 Arba. Of this, 20.7067%, i.e., 58,60,000 unit shares, will be issued to the public. Out of the total issue capital, 2%, which amounts to 5,66,000 unit shares worth Rs. 5.66 Crores, will be allocated to project-affected locals of Tanahu and Gorkha districts. The remaining 18.7067% of the issued capital, i.e., 52,94,000 unit shares, will be offered to the general public at a later date.

Of this general public issue, 10%, a total of 5,29,400 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category will close from today.

For Nepalese citizens working abroad, the minimum application quantity is 10 units, while the maximum is 50,000 units.

LS Capital Limited has been appointed as the issue manager for the IPO issuance.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ for Bandipur Cable Car and Tourism Limited (BCTL), indicating a moderate risk of default in the timely servicing of financial obligations within Nepal. Additionally, CRNL has reaffirmed the ‘CARE-NP BB’ rating assigned to BCTL’s long-term bank facilities.

Bandipur Cable Car is a private limited company, incorporated on January 6, 2013. It is developing a cable car and hotel project in Bandipur, Tanahu district of Nepal. The project has two modalities of services to be offered, i.e., first transportation from base station to hilltop station and vice-versa through cable car; and second is lodging & hospitality services through the Hotel. The project has been listed as a “National Priority Project‟ by the National Planning Commission (NPC).

Closing Notice: