Kalanga Hydro Limited Concludes IPO Allotment for Project-Affected Locals of Bajhang on 14th Baisakh

The IPO allotment for Project-Affected Locals of Bajhang District by Kalanga Hydro Limited was concluded Yesterday, 14th Baishakh, 2083.

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.

The issue received a total of 3,441 valid applications for 2,639,960 units. Meanwhile, 34 applications for 29,500 units were disqualified.

According to the allotment module, 762 applicants who applied for 10-270 kitta received as per applied kitta, totalling 131,320 units, while 2,679 applicants applying for 300-15,000 kitta each were allotted 290 units each, a total of 776,910 units, and an additional 177 applicants in the same category received 10 units each.

Allotment Module:

Sanima Capital Limited has been appointed the issue manager for the public offering.For project-affected locals, the minimum application quantity is 10 units, and the maximum is 20,000 units.

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.