Dolti Power Company IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Chaitra 07
Thu, Mar 9, 2023 8:40 AM on Latest, IPO/FPO News,
Dolti Power Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 25th Falgun and has extended the IPO issue deadline for project-affected locals till 7th Chaitra, 2079. The issue had opened on 8th Falgun, 2079.
The issued capital of the company is Rs. 53.64 Crores of which 10% i.e. 536,486 unit shares worth Rs. 5.36 crores have been allocated to project-affected locals of Dailekh District. Meanwhile, 20% of the company's issued capital i.e. 10,72,972 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 107,298 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 10,000 units.
NIC Asia Capital Limited has been appointed as the issue manager.
According to CDSC, 16,589 applications have been received through Nepalese citizens working abroad for a total of 484,880 units. Thus, the issue is already oversubscribed by 4.51 times so far.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) to Dolti Power Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations
Dolti Power Company Limited was incorporated on April 7, 2013, as a private limited company, and was later converted into a public limited company on July 15, 2021. DPCL operates a 4.5-MW Padam Khola run-of-river (R-o-R) HPP, in the Dailekh district of Karnali province of Nepal, at a Q40 probability of exceedance and a design discharge of 2.27m3/s. The project began commercial operations on December 24, 2019, against the RCOD of February 20, 2021, and was developed at a total cost of ~NPR 1,101 million (~NPR 245 million per MW) funded in a debt-equity ratio of ~66:34.
Nepalese Employed Abroad IPO Closing Notice