Long-awaited IPO shares of Upper Tamakoshi apparently under political games; when will more than 2.64 crore unit shares finds legitimate owners?

Sun, May 6, 2018 5:13 PM on External Media, Featured, IPO/FPO News, Stock Market,

In what seems to be the deliberate activities, the long-awaited issuance of IPO shares of Upper Tamakoshi Hydropower project is expected to hit a snag one more time whose issuance date has been further pushed into uncertainty. Previously, it was rumoured that the IPO issuance would take place on the month of Chaitra 2074 which was later pushed back to Baisakh, 2075 and recently to the month of Jestha, 2075.

General investors are still not ready to accept that the IPO would be floated any time soon in the month of Jestha because the same was postponed time and again citing different reasons including the ongoing protest from the project affected locals of Dolakha.

If opinions from the officials with under construction 456 MW hydropower are to be considered, the issuance of IPO couldn’t take place in the stipulated months of Chaitra/Baisakh because it took some time for the company to file its audit report for the FY 2073-74 to SEBON. However, the same officials seem optimistic that the submission of all the necessary documents to SEBON is at its final stage and the general investors should find the IPO shares floated to the primary market within the end of Jestha, 2075.

Upper Tamakoshi Hydropower has allotted more than 2.64 crore unit of shares to both project affected people of Dolakha and to the general public.

Earlier, the locals of project affected area had demanded to abolish the system of categorizing the shareholders to Group A, B and C; thus limiting the same to only 2 categories. However, after much negotiation, the district coordination committee following all-round party involvement had decided to float the shares in earlier proposed 3 categories and not to further obstruct the progress of project. The protest then was led by the district leader of Nepali Congress who had opposed the earlier proposal of categorizing project affected people to group A i.e. most affected locals, Group B moderately affected ones and Group C least affected ones.