Terhathum Power Company Limited has concluded the IPO issue of 8,00,000 units shares today. The issue had opened on Bhadra 9.
Out of the offered 8,00,000 units; 2% of the total offered shares to the general public i.e. 16,000 units were set aside for the employees of the company and 5% for mutual funds. The remaining 7,44,000 units were for the general public.
NIBL Ace Capital Limited was appointed as the issue manager for the IPO issuance. According to the issue manager, 23,57,009 applicants have applied for a total of 3,12,54,220 units. This is the data reported after the issue closed at 5 pm today.
Out of the total 1,200,000 units, 4 lakh is already issued to the locals of the project affected area and the rest 20% i.e. 8 lakh units will be issued to the general public.
After the IPO is issued in two phases, first to locals and then to the public, the promoter: public shareholding ratio of the company will be 70:30, and paid-up capital will be Rs 40 crore.
The IPO proceeds have been planned to be utilized towards the development of the 7.5-MW Upper Khorunga Small Hydropower Project. Incorporated on August 16, 2009, as a private limited company, Terhathum Power Company Limited (TPCL) was converted to a public limited company on June 21, 2018.