IPO for project-affected locals of Okhandhunga and Ramechhap District: Green Ventures issuing 31,25,000 units IPO shares from Falgun 2
Sun, Feb 6, 2022 11:20 AM on IPO/FPO News, Latest,
Green Ventures Limited is issuing its 31,25,000 unit IPO shares to the project-affected locals of Okhaldhunga and Ramechhap District from Falgun 2, 2078.
The IPO issue for locals is open from Falgun 2 - Falgun 16. If unsubscribed, the issue can be extended up to Chaitra 1, 2078. The interested locals can place their applications for a minimum of 10 units and a maximum of 50,000 units.
Laxmi Capital Market Limited has been appointed as the issue manager for the IPO issuance. Likewise, the company has appointed Citizens Investment Trust (CIT) as the underwriting in the public offering.
The company has 3,12,50,000 registered shares of which 62,50,000 shares worth Rs 62.5 crores will be issued to the public (Locals and General Public). This is 20% of the company's paid-up capital.
After the IPO is issued in two phases, first to locals and then to the general public, the promoter: public shareholding ratio of the company will be 80:20, and paid-up capital will be Rs 3.12 arba.
Green Ventures Ltd is a hydropower company that developed the Likhu-IV Hydroelectric Project. The project is a run-of-river scheme with an installed capacity of 52.4 MW, and it has already commenced production. The project is located on the boundary of the Okhaldhunga and Ramechhap districts, most of the project structures are positioned on the left bank of the Likhu river.
The company's board of directors consists of veteran entrepreneurs and businesspeople of Nepal who are associated with the country's renowned enterprises such as NIC Asia Bank, Surya Life Insurance, Nepal Life Insurance, NIFRA, Vishal Group, and many others.
CARE Ratings Nepal Limited (CRNL) has assigned Issuer rating of ‘CARE-NP BB- (Is)’ to Green Ventures Limited (GVL). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations, in Nepal.
