CIT to distribute share certificate of Upper Tamakoshi in a various phases

Citizen Investment Trust (CIT), the issue manager for public shares of Upper Tamakoshi Hydropower Limited (UTKHPL) plans to distribute share certificates of UTKHPL in various phases. According to Mr. Sushil Kumar Aryal, Chief Manager of CIT, the employees of Rastriya Beema Samiti has already received shares certificate of UTKHPL. The shares certificate distribution of employees of Nepal Telecom and Nepal Electricity Authority are in final stages, added Mr. Aryal. Those Share certificate has already been signed by the representative of UTKHPL and CIT plans to distribute them before Dashain. According to Mr. Ram Sundar Shrestha, Company Secretary UTKHPL, only few shares certificate belonging to the depositors and employee of Employees Provident Fund (EPF) have been signed. Mr. Aryal told ShareSansar that due to the high number of certificates (193,000) from EPF depositors and employees, distribution of these certificates will only takes place sometime after Dashain festival. The scarcity of paper to print certificates due to Terai Bandh was one also of the contributing factors for the delay, added Mr. Aryal. In the first phase of IPO EPF, Employees of UTKHPL and Nepal Electricity Authority (NEA, the staff members of four lending institutions -- Nepal Telecom, Rastriya Beema Sansthan (RBS), CIT and EPF) were issued public shares. Depositors of EPF who applied for shares worth Rs 5 Lakhs were allotted 293 units share i.e. 5.86% of the total investment. Whereas, depositors who applied for shares worth Rs 5 thousand were allotted 50 units share i.e. 100% of the total investment.  The depositors who applied for Rs 1 lakh were allotted 97 units, 2 lakhs were allotted 146 units share, 3 lakhs were allotted 195 units shares and 4 Lakhs were allotted 243 unit shares. 4,066,560 units share have been allotted to 9,754 staffs of UTKHPL and its largest promoter Nepal Electricity Authority (NEA). 9,14,976 units share have been allotted to the 5,550 staffs of Nepal Telecom Company Limited (NTC), whereas, 15,24,960 units have been allotted to 480 staffs of Employees Provident Fund (EPF).  Also, 3,04,992 units share have been allotted to 191 staffs of Rastriya Beema Sansthan and 3,04,992 units share have also been allotted to the 107 staffs of Citizens Investment Trust (CIT).