Barun Hydropower closing its IPO for the locals today

ShareSansar, June 26:

Barun Hydropower Company Limited is closing its Initial Public Offering to the project-affected local residents from today.

The hydropower company has stated that altogether 243,000 units of primary shares is being floated to the locals of Jaljala and Shiddha Pokhari VDCs as well as those from the remaining 31 VDCs and Khandbari municipality of Sankhuwasabha district at the face value of Rs 100 per unit.

The issue managed by Civil Capital Market Limited was floated on June 12.

Barun Hydropower is operating 4.5 MW hydropower project in Hewakhola, which flows in between Jaljala and Shiddha Pokhari VDCs. The project has been selling electricity for the last four years to Nepal Electricity Authority (NEA).

Barun hydropower has an authorized capital of Rs 35 crore, which has been divided into 35 lakh unit shares, issued capital of 24.30 crore and the paid-up capital of Rs 17.01 crore, which will shore up to Rs 19.44 crore following the issuance of the IPO to the locals.

The company has stated it is issuing the IPO as per decision of its Board of Directors to the project affected locals from 30 percent of its issued capital so as to expand its business.

The Securities Board of Nepal (SEBON) had very recently approved the IPO though the company had applied for the same back on May 17 last year.