Bhugol Energy Development Company IPO Deadline For Locals Extended Till Chaitra 07; Issue Closing Today For Nepalese Employed Abroad

Thu, Mar 9, 2023 8:45 AM on Latest, IPO/FPO News,

Bhugol Energy Development Company is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 25th Falgun and has extended the IPO issue deadline for project-affected locals till 7th Chaitra, 2079. The issue had opened on 8th Falgun, 2079.

The issued capital of the company is Rs. 54.40 Crores of which 10% i.e. 544,053 unit shares worth Rs. 5.44 crores have been allocated to project-affected locals of Dailekh District. Meanwhile, 20% of the company's issued capital i.e. 10,88,107 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 108,811 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.

The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 30,000 units.

NIC Asia Capital Limited is appointed as the issue manager.

According to CDSC, 16,683 applications have been received through Nepalese citizens working abroad for a total of 483,740 units. Thus, the issue is already oversubscribed by 4.44 times so far.

ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus) to Bhugol Energy Development Company Limited. Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.

Bhugol Energy Development Company Limited was incorporated on February 16, 2009, as a private limited company, and was later converted into a public limited company on October 31, 2017, to facilitate public participation. The company operates a 3.75-MW Dwari Khola Small Hydropower Project, in Dailekh District in Karnali Province of Nepal. The project started commercial operations on May 6, 2017, against the required COD of June 30, 2017, and was developed at a total cost of ~NPR 734 million (~NPR 196 million per MW) funded in an initial debt-to-equity ratio of ~82:18.

Locals IPO Extended Notice

Nepalese Employed Abroad IPO Closing Notice