Bindyabasini Hydropower Development Company appoints Sanima Capital as its Share Registrar; hydropower’s IPO currently being floated for general public
Sun, Jun 5, 2022 10:36 AM on Latest, Corporate, Share Registrar,
Bindyabasini Hydropower Development Company Limited (BHDCL) has appointed Sanima Capital Limited as Registrar to Shares (RTS) on 3rd of June, 2022.
About the ongoing IPO
BHDCL had obtained approval from SEBON for the public issuance of 25 lakh units shares amounting to Rs. 25 crore rupees on 2078/12/25. Sanima Capital Limited is the Issue Manager to the IPO. Among the 25 crore rupees public issue, Rs. 10 crore was reserved for the project affected locals and the remaining 15 crore rupees was set aside for the public. The allotment process of the recent issue amounting to Rs. 10 crore to the project affected locals has been completed. Among the public issue of 15 crore rupees, 5% i.e. 75 thousand units have been reserved for mutual funds and 4% i.e. 60 thousand units have been reserved for the employees of BHDCL. The remaining 13.65 lakh units amounting to 13.65 crore rupees will be apportioned to the general public via IPO. The issue is open for the public from 2079/02/20 and closes on 2079/02/25 at the earliest.
About the company:
The company is operating 2 projects currently namely, Rudi Khola ‘A’ (8.8 MW) and Rudi Khola ‘B’ (6.6 MW), totaling 15.4 MW in Lamjung District. The cost of the project is 18.8 crore rupees per MW which is considerably lower as compared to its peers. Both the projects are in operation and the company had declared a dividend of 10% in FY 2077/78.
Projects under construction have to face risks associated with project completion, cost over-run and time over-run which negatively affects the financial health of the project. Since both the projects of (BHDCL) are operational, resulting in zero project completion risk, zero cost over-run and zero time over-run risk. Because of negligible risk associated with the project, the company (issuer) has obtained rating of BB+ (Double B Plus) from Care Ratings Nepal.
As per unaudited Q2 financials of FY 2078/79, the company has obtained Net Profit of 10.90 crore rupees resulting in EPS of Rs. 14.62 on the current paid-up capital and net-worth per share of 115.96
As per financials of the running fiscal year, the company has the capacity to distribute stock/cash dividend from the first year itself post-IPO and it had distributed dividend of 10% in FY 2077/78 from accumulated profit.
