Bhujung Hydropower Limited Opens IPO for Project-Affected Locals and Foreign Nepalese Immigrants From Today

Bhujung Hydropower Limited is opening the issue of an Initial Public Offering (IPO) of 10,00,000 units of IPO shares to the project-affected locals of Lamjung District and 1,00,000 units of IPO Shares to Foreign Nepalese Immigrants from today, 3rd Poush, 2082.

The IPO issue for the locals of Lamjung District will open from today, 3rd Poush, to 17th Poush, 2082, with a possible extension till Magh 02 if not fully subscribed by the early closing date, while for Nepalese citizens working abroad, the issue will open from today, 3rd Poush, to 7th Poush, 2082, and may be extended till Poush 17 if undersubscribed.

The issued capital of the company is Rs. 1 Arba. Of this, 20%, i.e., 20,00,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 10,00,000 unit shares worth Rs. 10 Crores, will be allocated to project-affected locals of Lamjung districts. The remaining 10% of the issued capital, i.e., 10,00,000 unit shares, will be offered to the general public at a later date.

Of this general public issue, 10%, a total of 1,00,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category will open from today.

For the project-affected locals and Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units, while the maximum quantity is 50,000 units.

Kumari Capital Limited has been appointed as the issue manager.

ICRA Nepal Limited has downgraded Bhujung Hydropower Limited from a [ICRANP-IR] B+ issuer rating to [ICRANP-IR] B-. This revision indicates a heightened perception of risk associated with Bhujung Hydropower Limited's ability to meet its financial obligations on time.

Bhujung Hydropower (P.) Ltd is a hydropower development company founded in 2015. The company is developing the Upper Midim Hydropower Project, a run-of-river type project with a licensed capacity of 7.5 MW. The project is located in Kwhlosothar Rural Municipality, Lampung district of Nepal. The central office of the company is located at Old Baneswor, Kathmandu.