Locals of Lamabagar to get priority in Upper Tamakoshi IPO for Dolakha residents

ShareSansar, August 11

Residents of Lamabagar, a remote VDC of Dolakha district which is directly hit by the Upper Tamakoshi Hydropower Project (UTHP), would be getting at least 235 units of IPO shares of the project. The locals will get the priority over the 10 percent of total shares allocated for the project affected district of UTHP.

The much anticipated shares of the UTHP is considered to be one of the most lucrative shares of the country’s capital market.

According to Karobar Daily, a meeting of district level share determination committee has decided to accord high priority to the residents of the Lamabagar for the shares allocated to the whole district.

If the decision gets implemented, the residents of the project-hit VDC will get 423,600 units of shares worth Rs 4.23 crore. According to the latest census, the total population of the VDC is 1,806.

The issued capital of the UTHP is Rs 10.59 crore which means the people of the district will get the shares worth Rs 1.59 crore.

Local bankers feel by-passed

However, the local bankers have expressed dismay for not involving them in the meeting.

Ashok Shiwakoti, Kalinchowk Development Bank which is headquartered at Charikot, said that neglecting the local bank means of depriving the locals from investing in the project.

He also argued that the condition for the bank to be the member as the CDSC to get involved in collecting shares would inhibit locals from making investment in the shares.

“It is expensive to get the membership of the CDSC. How can a local bank which earns just around Rs 10 lakh get the membership of the central depository,” he questioned.

He also said that almost two third of the locals do not have the bank account despite the mandatory provision of bank account to buy the shares of the project.

Apart from Charikot, Araniko Development Bank has its branches in Singti and Jiri and a branch of Kalinchowk in Mainapokhari. Similarly, Prime Bank has its branch in Jiri and NMB Bank’s in Kirney.