Samling Power Company Limited is issuing its 5,00,000 unit IPO shares to the project-affected locals of Ilam District from Shrawan 22, 2078.
The IPO issue for locals is open from Shrawan 22- Bhadra 4 . If unsubscribed, the issue can be extended to Bhadra 20, 2078. The interested locals can place their applications for a minimum of 10 units and a maximum of 20,000 units.
Nepal SBI Merchant Banking Limited has been appointed as the issue manager for the IPO issuance.
The company has proposed to issue a total of 12.3 lakh unit shares to the locals and the general public via IPO in multiple phases. The first phase of the IPO will issue shares to the locals of the area.
After the issuance of shares to locals and general public company capital will be Rs 50 crore and public and promoter shares holding will be 75.5:24.5.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP Issuer rating double B minus) to Samling Power Company Limited (SPCL or the company).
Samling Power Company Limited (SPCL), is a hydropower development company incorporated in 2014. The company is promoted by CE Construction Private Limited, Urja Developers (an associated company of CE), and individuals related to these companies. As of mid-July 2020, the major shareholders of SPCL are CE Construction Pvt Ltd (15%), Urja Developers Pvt Ltd (8%), Mohan Bikram Karki (3%), Grande Holdings Pvt Ltd (3%), among others. SPCL is a special purpose vehicle that is developing a 9.51-MW run-of-the-river (ROR) hydroelectric project (HEP) Mai Beni in the Illam district of Eastern Nepal, under the 40% exceedance flow model. The project is estimated to be commissioned at the budgeted cost of ~NPR 2,000 million (vs. the original estimate of NPR 1,865 million). The required commercial operation date of the project is in November 2021, as per the PPA signed with the NEA. As of November, end 2020, the project has achieved ~85% physical and financial progress.
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