People's Power (PEPL) Closing 6,32,600 Units IPO for Locals of Ilam district and Ilam Municipality Today

People's Power Limited (PEPL) is closing the IPO issue of 6,32,600 units worth Rs. 6.32 crores to the project affected locals of the Ilam district and Ilam Municipality, i.e Shrawan 05, 2079.

The company has been issuing 6,32,600 shares worth Rs. 6.32 crores at a par value of Rs. 100 per share for the project affected locals from 8th Ashad and was supposed to conclude on 22nd Ashad. However, due to the under subscription, the deadline was extended till today i.e. 5th Shrawan, 2079. Out of offered total issue; 1,89,780 units is allocated for core project-affected locals of ward no. 1 and 4 of Ilam Municipality whereas the remaining 4,42,820 units are for the locals of Ilam District.

Prabhu Capital is appointed as the issue manager for the IPO issuance. The interested locals can place their applications for a minimum of 10 units and a maximum of 50,000 units till the end of banking hours today.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP BB (Is)’ assigned to Peoples Power Limited (PPL). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations in Nepal.

Peoples Power Limited (PEPL) was incorporated on January 26, 2017. It is promoted by individual promoters for the setting up of a 4.96MW run-of-river Upper Puwa-II hydropower project. The project is being constructed under “BOOT” (Build, Own, Operate and transfer) model and is located in Sakhejung and Maipokhari VDC of Ilam district of Nepal. The expected COD of the project is June 30, 2022.

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