API Power Company Limited (API) had published an offer letter to issue its rights offering to shareholders. The issue opened on 25th Chaitra and will close today i.e 15th Baisakh, 2079.
In the rights offering of 1: 0.393632 ratio, a total of 1,08,60,000 units of right shares were issued at par value of Rs. 100 per share to eligible shareholders. Chaitra 14 was the book closure date. Thus, shareholders maintained before that day could apply for the rights offering.
The 18th AGM of the company held on 25th Bhadra, 2078 had endorsed the proposal of 1: 0.3936 rights offering on the paid-up capital maintained after the adjustment of bonus shares. The paid-up capital after bonus adjustment was Rs. 275.89 crores. Thus, a total of 1,08,60,000 shares were issued.
Muktinath Capital is appointed the issue manager. The company is currently constructing a 40 MW Upper Chamelia project as well as a few MW solar projects in different parts of the nation. Api Power Company has already operationalized the 4 MW Chandrapur Solar Project and is looking forward to becoming a 62.5 MW project by the next year thereby creating more revenue sources for its growth.