Rapti Hydro and General Construction Closing 23,66,240 Units IPO Shares Issue from Today
Sun, Jul 17, 2022 10:15 AM on IPO/FPO News, Latest,
Rapti Hydro and General Construction Limited (RHGCL) is closing 23,66,240 units of Rs 100 face value of total worth Rs. 23.66 crore as Initial Public Offering to the general public from today i.e 1st Shrawan, 2079.
Out of the total 23,66,240 units; 3% of the total offered shares i.e. 70,988 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 1,18,312 units have been set aside for the mutual funds. The remaining 21,76,940 units are for the general public. The paid up capital of the company will reach to Rs. 61.27 Crores after the IPO issuance.
Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 21,00,000 units till the end of banking hours today.
Earlier, the company had issued 6,12,793 unit IPO shares which is 10% of the issued capital of Rs 6.12 crore to the project-affected locals of Rukum (Eastern and Western districts) from 24th Jestha to Ashad 10, 2079. However, only 5,75,170 units or 93.86% of the total issue have been allotted to the valid applicants.
Thus, remaining 37,623 units unsubscribed shares are added to 23,28,617 units (which is 38% shares reserved for the general public) to make a total of 23,66,240 units for the general public. Overall, 52% shares are of the promoter shareholders in the company.
According to CDSC, 13,08,044 applicants have applied for a total of 1,47,58,970 units. Thus, the issue is already oversubscribed by 6.77 times so far.
ICRA Nepal has assigned the issuer rating of [ICRANP-IR] B+ (pronounced ICRA NP issuer rating B plus) to Rapti Hydro and General Construction Limited (RHGCL). Companies with this grading are considered to have high risk of default regarding timely servicing of financial obligations.
Rapti Hydro & General Construction Limited is a public company incorporated on Kartik 5, 2065 (October 21, 2008) as per Companies Acts 2063, Nepal with the objective to develop and invest in hydropower projects. It is currently developing a 5 MW Rukum Gad Hydropower Project in Rukum East District and owns its Electricity generation license. The Project is located at Sisne and Bhume Gaunpalika of Rukum East District. Its registered office is located at Kathmandu-11, Bluestar Complex, Tripureshor.
