Unnati Sahakarya Laghubitta Bittiya Sanstha Limited (USLB) is closing the issue of its 1,78,451.18 unit FPO shares at a par value of Rs. 100 from today i.e. 24th Kartik, 2080. The issue opened on 21st Kartik, 2080.
According to the Banks and Financial Institutions Act of 2073 and the NRB, at least 30% of the issued capital should be retained by public shareholders in order for the company will be issuing 1,78,451.18 units of FPO shares to the general public. At present, the promoter: public share structure is a 75.45: 24.55 ratio, which after this FPO will be a 70: 30 ratio. The current paid-up capital of the company is Rs. 22.9 Crores.
The company intends to collect Rs 1.78 crore from this FPO.
Siddhartha Capital Limited has been appointed as the issue manager for the FPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1000 units.
According to CDSC, 9,91,597 applications have applied for a total of 1,10,46,440 units. Thus, the issue has already been oversubscribed by 61.90 times so far.
ICRA Nepal has downgraded the issuer rating of Unnati Sahakarya Laghubitta Bittiya Sanstha Limited from [ICRANP-IR] BB- (pronounced ICRA NP Issuer Rating double B minus) to [ICRANP-IR] B+@ (pronounced ICRA NP Issuer Rating B plus) and placed the rating on watch with negative implications. Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.