Butwal Power Company appoints NMB Capital as issue manager to float 40.81 lakh units FPO shares

Butwal Power Company has appointed NMB Capital Limited as its issue manager. Uttar Kumar Shrestha, CEO of Butwal Power Company and Shreejesh Ghimire, CEO of NMB Capital Limited signed the pact today (Mangsir 9, 2073). Laxmi Capital Limited has been appointed as the co-issue manager for this FPO. Butwal Power Company will be issuing 40, 81, 000 units of Further public Offering ( FPO) shares of which 5% i.e. 2,04,050 units FPO shares will be reserved for the locals of the project affected area. Issuing a press statement, it stated that FPO will be issued at premium including par value of Rs 100. If the shares to the locals from project affected area are not issued completely, it will be added in the FPO. The amount collected from the FPO will be used to develop 37.6 MW Kabeli-A Hydropower Project and 30 MW Ngadi Hydropower Project. BPC has 54% stake in Kabeli Energy Limited and 97% stake in Ngadi Hydropower Project. Power Purchase Agreement (PPA) has been done for both hydropower projects and will start construction work from Poush 2073.