Last Day to Apply for Locals IPO of Peoples Hydropower Company; Issue Closing Today

Peoples Hydropower Company Limited (PHDCL) is concluding the IPO issue of 32,00,000 units shares for the project-affected locals of Lamjung Districts and Dordi VDC (Ward no.6 and 7) today at the end of banking hours.

The company has been issuing 32,00,000 shares at a par value of Rs. 100 per share for the project affected locals from 31st Bhadra and was supposed to conclude on 14th Ashwin, 2079. However, the issue was unsubscribed and the deadline was extended till today i.e. Ashwin 30, 2079. This is 10% of the company's issued capital i.e Rs. 3.20 arba. The promoter holding in the company is 75% i.e. Rs 2.40 Arba. Upon the allotment of the IPO to the general public the total paid-up capital of the company will be Rs 3.2 Arba.

Sanima Capital Limited is appointed as the issue manager for the IPO issuance. Interested investors can apply for a minimum of 10 shares to a maximum of 1,00,000 shares till the end of banking hours today.

Peoples Hydropower Company Limited (PHDCL) is a Public Limited company, incorporated as on October 9, 2007 as a Peoples Hydropower Company Private Limited and changed to public limited on February 27, 2019. It is promoted by individual promoters from different background and institutional investors for setting up of a 54 MW run-of-river, Super Dordi Hydropower Project Kha (SDHPK) in Lamjung district of Nepal. The project is constructed under BOOT (Build, own, Operate and Transfer) mechanism. As per the Generation License, the project shall be handed, on whatever conditions the project is, to the Government of Nepal after expiry of Generation License, which is 35 years.

Care Rating Nepal Limited has assigned ‘CARE-NP BB’ to the long-term bank facilities and ‘CARE-NP A4’ assigned to the short-term bank facilities to the PHDCL.

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