Himalayan Power & Chhyangdi Hydropower receives approval from SEBON to float 10.65 lakh & 2.7 lakh units IPO shares respectively for locals of Lamjung District

Himalayan Power Partner Limited and Chhyangdi Hydropower Limited  have got final approval from Securities Board of Nepal (SEBON) to float IPO worth Rs 10.65 crore (10.65 lakh unit shares) and Rs 2.7 crore (2.7 lakh unit shares) respectively for the project affected area of Lamjung district on Mangsir 24, 2073. Global IME Capital Limited has been assigned as the issue manager for both IPO. ICRA Nepal has assigned ‘Grade 4+’ rating to the proposed Initial Public Offering (IPO) of Himalayan Power Partner Limited. Himalayan Power Partner is developing 27 MW Dordi Hydropower in Lamjung district of Western Nepal which is among the large private sector hydropower projects currently under development in Nepal. The company will float 10% share from the total paid up capital i.e. Rs 106.54 crore. The promoter owns 70% shares i.e. Rs 74.57 crore in the company. Later, after the issuance of the IPO to the project affected area the company will float 20% shares to the general public i.e. worth Rs 21.30 crore. After the IPO for the locals of project affected area, Himalayan Power will be floating IPO shares for the general public. Himalayan Power was established in 2061 B.S. as a private limited company with the main objectives to provide services in the fields of research, development and consultation in the energy sector. The company was transformed to the Public Limited Company on June 2013 after entry of NRN Investment Limited as a partner. Likewise, Chhyangdi Hydropower has to allocate a certain percent of its share to locals affected by the project. Chhyangdi was established on September 2, 2007 as a private limited company. The company is developing Channdi Khola Hydropower project (2 MW) in Lamjung district, Nepal. The total paid up capital of the company is Rs 27 crore. The company is only issuing 10% shares i.e. 2.7 lakh units to the project affected people. Later on, it will float 20% i.e. worth Rs 5.4 crore shares to the general public to make promoter : public share structure to 70:30 ratio.