People's Power’s IPO Closing Date Extends to Shrawan 05 For Project Affected People of Ilam District

People's Power Limited (PEPL) has extended the deadline for the IPO issue for locals of Ilam district and Ilam Municipality.

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 today i.e 22nd Ashad. However, due to the under subscription, the deadline has been extended till 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.

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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