According to the decision of the Board of Directors meeting of People's Power Limited (PPL), the company has decided to issue right shares in the ratio of 1:0.5 or 50% right shares.
The meeting of the board of directors held on Mangsir 17 has decided to issue the 50% right shares on the paid-up capital of Rs. 63.26 Crores. Hence, after the issue of 31,63,000 units of right shares, the paid-up capital of the company will be revamped to Rs. 94.89 Crores.
The company has communicated its intention to procure funds essential for ongoing project upkeep, settling payment discrepancies, venturing into novel projects, pinpointing investment channels, generating employment opportunities, and augmenting national capital through equity rights. However, it is important to note that the issuance of these right shares is contingent upon receiving approvals from both the regulatory bodies, namely the Electricity Regulatory Commission.
PPL closed at Rs. 214.20 yesterday.