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

Sayapatri Hydropower Limited (SPHL) is concluding its IPO issue of 3,00,000 units shares for the project-affected locals of Baglung district (Galkot Municipality and Tarakhola VDC) today at the end of banking hours.

The company has been issuing 3,00,000 shares at a par value of Rs. 100 per share for the project affected locals from Ashad 02 and was supposed to conclude on 16th Ashad. However, the issue was not fully subscribed till the early closing date, thus the deadline was extended to today i.e, i.e 24th Ashad, 2079. This is 10% of the company's issued capital of Rs. 30 crore. If the local's issue is not subscribed fully, the remnant shares will be issued along with the allocated quantity for the public issue. After the allotment of the IPO shares, the Promoter - Public share ratio would be 70 : 30.

NIBL Ace Capital Limited is appointed as the issue manager for the IPO issuance. Locals of Galkot Municipality and Tarakhola VDC of Baglung District can apply for a minimum of 10 shares to a maximum of 30,000 shares.

CARE Ratings Nepal Limited (CRNL) has revised the issuer rating assigned to Sayapatri Hydropower Limited (SPHL) to ‘CARE-NP BB (Is) [Double B (Issuer Rating)]’ from CARE-NP B+ (Is). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations, in Nepal.

Sayapatri Hydropower Limited is public limited company, incorporated on July 30, 2007, promoted by institutional as well as individual promoters from different background. It is currently operating 2.5 MW Daram Khola ‘A’ hydro power project in run –of –river scheme located at Baglung district, Nepal. The project is constructed under BOOT (Build, own, Operate and Transfer) mechanism. The commercial production and sale of power started from June 26, 2016.

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