BPCL FPO collects little over 93 crore from approximate 69 thousand applicants in 4 days; issue to remain open

The ongoing FPO of Butwol Power Company Limited (BPCL) has collected little over Rs 93 crore from 69 thousand applicants in 4 days. As per NMB Capital, issue manager of the FPO, the daily collection figure stands as follows: Day 1: Rs. 116,978,000 from 8300 applicants day 2: Rs 202,046,000 from 15,790 applicants day 3: Rs 231,060,000 from 18,100 applicants Day4: approximately Rs 38.47 crore from 27,000 applicants moreover, it is to be noted that the issue will remain open until the subscription figure of 40.81 lakh unit FPO shares is met. As per the received data, roughly 18 lakh unit shares have been subscribed so far. This further leaves more than half of the original 40 lakh unit shares still needing to be subscribed for the issue to wrap up. With more than 50% of the FPO shares still not subscribed, those applying now for bigger volume can be expected to grab the bigger chunks of shares. The maximum closing date for the ongoing FPO is on Falgun 15, 2074. BPCL has been issuing 40,81,000 units shares worth Rs 2.04 arba as part of its Further Public Offering (FPO) from Magh 15, 2074. The FPO is priced at Rs 501 per unit (Rs 401 premium added to the par value of Rs 100). Interested people must apply for a minimum of 10 units of shares and they can apply for up to 20,400 units shares. NMB Capital Limited is the issue manager for the FPO and Laxmi Capital is the co-issue manager. Interested applicants can collect ASBA forms from all ASBA-approved banks around Nepal as Securities Board of Nepal (SEBON) has made ASBA application mandatory from Shrawan 2074. After the FPO, its paid up capital will reach Rs 2.21 arba and its reserve will grow by Rs 1.50 arba. BPCL aims to use the amount collected from the FPO to develop 37.6 MW Kabeli-A Hydropower Project and 30 MW Ngadi Hydropower project. BPCL has 54% stake in Kabeli Energy Limited and 97% stake in Ngadi Hydropower Project.