Electricity Regulatory Commission Approves Arun Valley's (AHPC) 1:1 Right Share Issuance
Sun, May 21, 2023 4:31 PM on Latest, Dividend, Bonus & Rights,
Arun Valley Hydropower Development Company Limited (AHPC) has received approval from the Electricity Regulatory Commission to issue right shares in the ration 1:1 for its shareholders.
The Electricity Regulatory Commission issued a press release today to notify the same.
Following the development the hydropower company has to endorse the decision its is Annual General Meeting (AGM).
Earlier, Arun Valley Hydropower Development Company Limited (AHPC) had proposed to issue 100% rights shares to its shareholders.
The meeting of the board of directors held on Baisakh 06 had proposed to issue right shares in the ratio of 1:1 i.e., 18,679,626 right shares of Rs. 100 par value worth Rs 1.86 Arba so that the company can invest 50% of the issued right shares amount i.e., 93,39,813 unit right shares worth Rs 93.39 crore in the Likhu Khola Hydropower Project (30 MW) promoted by PK Hydropower Pvt. Ltd. The remaining 93,39,813 unit shares worth Rs 93.39 crore will be used in paying off the loan taken by the company for the Kabeli 'B'-1 Cascade Hydropower Project in Panchthar.
Note that the right shares can issued only after approval from Electricity Regulatory Commission and endorsement by the company's upcoming AGM and upon approval from SEBON.