Rasuwagadhi Hydropower Company Limited (RHPL) is closing the IPO issue of 6,842,100 units worth Rs. 68.42 crores to the project affected locals of the Rasuwa district (Gosainkunda and Aama Chhodingmo VDCs).
The company has been issuing its 6,842,100 unit IPO shares to the project-affected locals of Kaski District Rasuwa district (Gosainkunda and Aama Chhodingmo VDCs) from Ashadh 13 and was supposed to conclude on 27th Ashad but the deadline was extended to 10th Shrawan, 2079. However, the issue was still unsubscribed and the deadline is re-extended till today i.e. 31st Shrawan, 2079. After the issuance of 6,842,100 units worth Rs. 68.42 crore IPO shares to the project affected locals i.e 10% of total capital the paid up capital of the company will raise to Rs. 6.84 Arba.
Siddhartha 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 700 units till the end of banking hours today.
ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+” grading, indicating below-average fundamentals to the proposed Initial Public Offering (IPO) of Rasuwagadhi Hydropower Company Limited (RHPL). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations.
Rasuwagadhi Hydropower Company Limited (RHPL) was established in August 2011, as a subsidiary of Chilime Hydropower Company Limited (Chilime; ~44% stake at present, diluted after first tranche of IPO). Chilime, promoted by the NEA, owns and operates the 22.1-MW Chilime HPP and is developing hydropower projects with 270 MW capacity, through various subsidiaries, including RHCL. Around 24% stake as of now is held by the NEA, a Government of Nepal-owned company.