Kalika Power set to issue 6 lakh unit of IPO for locals of Gorkha district; Application opens on Magh 21st

Kalika Power Company will be issuing Initial Public Offering (IPO) of 6,00,000 units of shares worth Rs 6 crore for the locals of project affected area of Gorkha District (2.40 lakh for the locals of the most affected area while remaining 3.60 lakh for others). 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 form these areas can apply for 2.40 lakh unit shares and the remaing people of Gorkha district can apply for the remaining 3.60 lakh unit shares. The IPO application opens on Magh 21st and closes on Falgun 6^th. The authorized capital of the company is Rs 60 crore and it is set to issue 10% for the locals of Gorkha district Interested people can apply for a minimum of 10 units of shares and maximum number of 3,000 units of shares. 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. ICRA has rated Grade 4 rating to the IPO, which indicates below average fundamentals. Kathmandu Capital Market and Global IME Capital have been assigned as the joint issue managers for issuing IPO. Kalika Power has been operating 6MW Daraudi ‘A’ small hydropower located at Gorkha district. Offer Letter