Barun Hydropower starts distributing IPO allotment slips

ShareSansar, July 17:

Barun Hydropower Company Limited has started distributing allotment slip of its Initial Public Offering to the project-affected local residents, which it had floated last month, from today.

Issuing a notice today, Civil Capital Market Limited, which is managing the issue, stated that it is also refunding the non-allottees from today.

The applicants are requested to contact the respective collection centers from where they had applied for the IPO for the IPO allotment slips as well as for the refund.

The IPO was allotted on July 13.

The hydropower company had floated altogether 243,000 units of primary shares 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 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.