Madhya Bhotekoshi Hydropower to float 2.94 crore units IPO shares; appoints 7 issue managers

Madhya Bhotekoshi Hydropower Company Limited has appointed 7 issue managers to float its IPO of 2,94,00,000 units worth Rs 2.94 arba. Amidst a ceremony yesterday, the company signed agreement with Global IME Capital as the issue manager, and 6 other merchant bankers (Prabhu Capital, Civil Capital, Ace Capital, CBIL Capital, Sanima Capital and Laxmi Capital Market) as co-issue managers. The company will be floating 49% of the equity shares to the general public. In the first phase of the IPO, the company will float 19.50% shares (1.17 crore units ) to the members of Employees Provident Fund (EPF), 3.50% shares (21 lakh units) to staffs of promoter companies and 1% shares (6 lakh units) shares to staffs of lending institutions. In the second phase, the company will issue 10% shares (60 lakh units) to the project-affect people of Sindhupalchowk district. Finally, in the third phase, it will issue 15% shares (90 lakh units) to the general public and the company’s staffs. Madhya Bhotekoshi Hydropower Company Limited is a subsidiary company of Chilime Hydropower Company. The company is going to develop 102 MW Middle Bhotekoshi Hydroelectric Project in Sindhupalchowk district. Chilime Hydropower, Nepal Electricity Authority, Nepal Araniko Hydropower Company Pvt Ltd, Sindhupalchowk Hydropower Company and Sindhu Investment Company Pvt Ltd are its promoters with a total of 51% shareholding.