Mandakini Hydropower Company Limited (MAHCL) is closing 11,76,073 units of Rs 100 face value of total worth Rs. 11.76 crore as Initial Public Offering to the general public from today i.e 12th Shrawan, 2079.
Out of the total 11,76,073 units; 2% of the total offered shares i.e. 23,521 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 58,803 units have been set aside for the mutual funds. The remaining 10,93,749 units are for the general public. The paid up capital of the company will reach to Rs. 58.80 Crores after the IPO issuance. This is 20% of the company's issued capital, 10% is already issued to the project-affected locals of Kaski District. After this IPO, the promoter - public share structure ratio will be 70 : 30.
B.O.K Capital Market is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.
According to CDSC, 11,83,010 applicants have applied for a total of 1,34,24,040 units. Thus, the issue is already oversubscribed by 12.27 times so far.
CARE Ratings Nepal Limited (CRNL) has assigned Issuer rating of ‘CARE-NP BB+ (Is) [Double B Plus (Issuer Rating)]’ to Mandakini Hydropower Limited (MHL). Issuers with this rating is considered to have moderate degree of safety regarding timely servicing of financial obligations, in Nepal.
Mandakini Hydropower Pvt. Limited is an Independent Power Producers Association Nepal (IPP) of Nepal, owns the Sardi Khola Hydropower Station. It is a run-of-river hydroelectric plant located in the Kaski District of Nepal. The flow from the Sardi River is used to generate 4 MW of electricity. The plant started generating electricity from 2074-08-23 BS. The generation license will expire in 2105-03-12 BS, after which the plant will be handed over to the government. The power station is connected to the national grid and the electricity is sold to Nepal Electricity Authority.