Kalika Power Company allotted 6 lakh unit IPO shares to the locals of Gorkha district today; all applicants except 4 grabbed the shares

Kalika Power Company Limited has concluded allotment of recently issued Initial Public Offering (IPO) shares. As per the notice published by the company, issued 6 lakh unit IPO shares to the locals of project affected area Gorkha district from Magh 21 to Falgun 8, 2074 have been allotted to the applicants. The most affected areas have been listed as: Muchowk VDC, Sorpani, Takumajh Lakuribot, Masel, Srinathkot, Taple, Nareshwor and Gorkha municipality ward no4, 5 and 13. Ajirkot VDC ward no 4, 5 and 6, Bhimsen VDC ward no 1, Siranchowk VDC ward no 7 and Gorkha municipality ward no 2, 3, 4, 5, 6 and 7. The locals from these areas were allotted with total 2.40 lakh unit shares and the remaining people of Gorkha district were allotted with remaining 3.60 lakh unit shares. For 6 lakh unit shares, 5,849 applicants had applied for 13.52 lakh unit shares, but 4 applicants out of the total, i.e. 5,845 applicants are successful to grabbed the shares. The IPO allotment was conducted at issue manager, Global IME Capital Limited office located at Jamal, Kathmandu in the presence of representative from Securities Board of Nepal (SEBON), Company Registrar Office (CRO), issue managers, issuing company and Professional Computers System Pvt. Ltd. Now, the company will be refunding excess amount after deducting allotted unit share price to the applicants and non – allotted applicants from Chaitra 13, 2074 via Nepal Clearing House Limited (NCHL) which means that applicants are not bound to go and collect the cheque, all applicants account will be credited through NCHL’s Inter Bank Payment System (IPS). Kathmandu Capital Market and Global IME Capital were the joint issue managers for issuing IPO. ICRA had rated Grade 4 rating to the IPO, which indicates below average fundamentals. The authorized capital of the company is Rs 60 crore and it is set to issue 10% for the locals of Gorkha District. After the issuance of 6 lakh units of IPO to the locals of project affected area, it will be issuing 12 lakh unit IPO shares to the general public at Rs 100 per unit worth Rs 12 crore. Kalika Power has been operating 6MW Daraudi ‘A’ small hydropower located at Gorkha district.  Allotment Module: