Himalayan Urja Bikas Company appoints Nabil Investment to issue 24.75 crore IPO shares

Himalayan Urja Bikas Company Limited has appointed Nabil Investment Banking Limited as issue manager to issue Initial Public Offering (IPO) shares of Uppallo and Upper Khimti-2 Hydropower project. Himalaya Urja Bikash Company, developer of 12 MW Upallo Khimti and 7 MW Upper Khimti Hydropower will be issuing shares worth Rs 24 crore 75 lakh . Mr. Hari Pandey, Executive Chairman of Himalaya Urja and Mr. Prabin Raman Parajuli, CEO of Nabil Investment Banking Limited signed an agreement to this effect. The company has allocated 9.90 lakh units shares to the locals of project affected area and 14.85 lakh units shares to general public. The company’s total investment is Rs 3.15 arba of which it will take loan of Rs 2.35 arba with Nabil Bank, Nepal Bank, Everest Bank and Ace Development Bank.  The capital structure consists of 75 percent debt and 25 percent equity. The Hydropower Company aims to generate electricity by the end of Ashad 2075.