Mandakini Hydropower Advances Upper Sardi Khola Project; Moves Forward with Rights Share Issuance

Mandakini Hydropower Ltd., which has been operating the 4 MW Sardikhola Hydropower Project in Kaski since 2074 Mangsir and consistently distributing cash dividends and bonus shares for the past three years, has completed financial closure with NMB Bank for its new 2.9 MW Upper Sardi Khola Hydropower Project.

The company has already begun construction and plans to raise the required equity through a rights share issuance. It has received pre-approval from the Electricity Regulatory Commission to issue rights shares in the ratio of 1:0.664. Mandakini Hydropower has also signed an agreement with Global IME Capital Ltd. to manage the rights share process and has submitted an application to the Nepal Securities Board for final approval.