IPO Allotment: Muktinath Krishi Company Allotted Shares To Nepalese citizens working abroad on 7th Mangsir

Fri, Nov 24, 2023 10:48 AM on Latest, IPO/FPO News, Share Allotment,

Muktinath Krishi Company Limited has allotted IPO shares to Foreign Nepalese employees. The allotment program concluded on 7th Mangsir, 2080.

The issued capital of the company is Rs. 70 Crores of which 20% i.e. 14,00,000 unit shares worth Rs. 14 Crores were issued for the general public from today i.e. 8th Mangsir, 2080. Of this public issue, 10% of the shares totaling 1,40,000 units shares were issued to Nepalese Citizens working abroad from 10th Kartik to 24th Kartik, 2080.

As per the allotment module, the issue had received a total of 31,196 applications for 7,23,040 units.

In total 1,40,000 units were allotted to 14,000 valid applicants with 10 units each. Applications could be placed for a minimum of 10 units and a maximum of 1,000 units.

NIMB Ace Capital has been appointed as the issue manager.

ICRA Nepal has reaffirmed the issuer rating of Muktinath Krishi Company Limited at [ICRANP-IR] BB- (pronounced ICRA NP Issuer Rating Double B minus). Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations. 

Muktinath Krishi Company is an associate company of Muktinath Bikash Bank, the first public agricultural company established in 2075 with the aim of playing a managerial role in the overall agricultural value chain through the "Krishak sanga Muktinath" and "Upabhoktaa sanga Muktinath" campaigns, with the goal of improving Nepal's agricultural economy. The company is providing goods and services in more than 70 districts throughout the country, more than 200 distribution channels, and Agricultural Resource centers.