Rasuwagadhi Hydropower Company Limited (RHPL) has published an offer letter to issue its IPO to the project-affected locals of the Rasuwa district (Gosainkunda and Aama Chhodingmo VDCs). The IPO issue for the locals will open on Ashadh 13, and close on Ashadh 27, 2079. If not subscribed by the early closing date, the issue will close on 10 Shrawan 2079.
The company is set to issue 6,842,100 unit shares worth Rs. 68.42 crores for the project-affected locals at Rs. 100 per share. Out of the total 68,421,000 unit shares of the company; 61,578,901 shares are already listed in NEPSE. The remaining 6,842,100 shares are now being offered to project-affected locals, hence this IPO issue will comprise 10% of the issued capital.
Siddhartha Capital Ltd has been appointed the issue manager for the IPO.
Rasuwagadhi Hydropower Company Limited was established in August 2011, as a subsidiary of Chilime Hydropower Company Limited. 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 RHPL.
The company has an equity structure of 51% promoter shares and 49% public shares. Among the promoters, Chilime holds the majority of the shares with 32.79%, NEA holds 18% shares and Local authorities of Rasuwa District hold 0.21% shares.
RHPL floated 39% of its total issued capital to the public through a series of IPOs in various tranches (all at par) after which the promoter holding diluted to 51%. As a part of the IPO process, the company has already issued 24% of its post-IPO paid-up capital amounting to NPR 1,642 million contributors and employees of the sole lender EPF and employees of the promoter companies and (15% of issued capital) to the general public. RHPL will finally issue 10% of the issued capital to the local inhabitants of the project location.
IPO Offer Letter: