Ngadi Group Power (NGPL) Receives Final Approval from ERC to Issue 100% Right Shares

The Electricity Regulatory Commission has given final approval to Ngadi Group Power Limited (NGPL) to issue the right shares in the ratio of 1: 1 for its shareholders.

The company convened its Special General Meeting (SGM) on 14th Shrawan and endorsed 100% rights shares to its shareholders.

The proposal was made during the Board of Directors (BoD) meeting held on Ashad 17, 2080. The company's current project, Siurikhola Small Hydropower Project located in Lamjung District, Gandaki Province (4.95 MW.) has been achieving the expected results due to regular maintenance of the project. In order to maintain the operated projects, settle the balance of payments, and invest in new projects, as well as identify sources of investment to create jobs and increase the national capital, since the entire amount cannot be raised from the project's accumulated profits, bank loans, and other alternative sources. Therefore to address this funding requirement, NGPL aims to issue rights shares in the ratio of 1:1 to its existing shareholders.

The current paid-up capital of the company is Rs. 1.85 Arba which will reach Rs. 3.7 Arba after issuance of 100% right shares.

Earlier, NGPL issued 150% rights shares to its shareholders from Shrawan 18 to 7th Bhadra, 2079.

However, the company will issue the right shares to its shareholders only after the approval of SEBON. NGPL closed at Rs. 205 last Thursday.