HIDCL to refund more than Rs 41 arba to IPO non-allottees from Magh 8; IPO oversubscribed by 21.58 times

Hydroelectricity Investment & Development Company Limited (HIDCL) is refunding excess money collected from investors from Magh 8. 2072. It had floated 2 crore unit shares as part of its IPO shares. HIDCL IPO had received a total of 304,634 applications including mutual fund companies, resulting in an oversubscription by 21.58 times. Among the total applicants 534 were the invalid applicants. The company has urged non-allottee investors to visit their respective collection centers with receipt to collect their refund money through account payee cheque. Those investors who have account in Janata, Prabhu, Citizens, NMB, Bank of Kathmandu and Laxmi bank will get their refund money directly deposited in their respective accounts. Narayan Prasad Ghimire, Deputy Manager of Citizen Investment Trust limited said, “The account number provided by the shareholders will be verified by the bank after that the IPO refund amount will be deposited in the shareholders respective accounts.” The issue managers for the IPO are Citizen Investment Trust, NCM Merchant Banking Limited and NMB Capital Limited. Investors who had applied from Rs 9,000 or 90 units to Rs 50,000 or 500 units were allotted on an average of 11.4 % of the applied shares. The big investors who had applied above Rs 50,000 were allocated 2.9% of the applied shares. Every valid applicant has got shares and there is no lottery at all.