Kalanga Hydro Limited Closing 3,50,000 Units IPO for Foreign Nepalese Immigrants Today

Kalanga Hydro Limited is closing the IPO issue for foreign Nepalese Immigrants today, i.e., 15th Chaitra, 2082. The issue was opened on the 10th Chaitra, 2082.

The issued capital of the company is Rs. 1.40 Arba. Of this, 35%, i.e., 49,00,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 14 lakh unit shares worth Rs. 14 Crores, will be allocated to project-affected locals in Bajhang District. The remaining 25% of the issued capital, i.e., 35 lakh unit shares, will be offered to the general public.

Of this general public issue, 10% of a total of 3,50,000 unit shares have been set aside for Nepalese citizens working abroad, and the issue will close from today.

For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 20,000 units.

According to CDSC, 84,321 applicants have applied for a total of 11,77,140 units. Thus, the issue has already been oversubscribed 3.36 times.

Sanima Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has revised the issuer rating assigned to Kalanga Hydro Limited (KHL) to ‘CARE-NP BB (Is)’ from ‘CARE-NP BB- (Is)’. Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal.

Kalanga Hydro Limited (KHL) was initially incorporated as a private limited company on 20 December 2007 (converted to a public limited company on July 14, 2021) by a group of individual and institutional promoters for the setting up of a 15.33 MW, run-of-river, Kalanga Gad Hydroelectric Project in the Bajhang district of Nepal. The project is constructed under the BOOT mechanism.