Rasuwagadi Hydropower 5th AGM today; endorsing decision to issue IPO to the general public

Rasuwagadi Hydropower Company Limited is conducting 5^th Annual General Meeting (AGM) today (Poush 23, 2074). The AGM is being held at Company’s meeting hall,  Maharajgung, Kathmandu at 4:30 PM. The main agendas of the AGM are to amend the Memorandum of Association (MOA) and Articles of Association (AOA) according to the changes in promoter shares and to endorse the decision of Board of Directors (BOD) to issue shares to the general public. Other agendas of the AGM are major financial highlights of the FY 2073/74 and appointment of auditor for the FY 2074/75. Securities Board of Nepal (SEBON) has approved the request to issue Initial Public Offering (IPO) of Rasuwagadhi Hydropower Company Limited. It will be issuing 1.64 crore units shares to the employees of promoter shareholding companies, employees having membership of Employee Provident Fund and employees of lending institutions. Siddhartha Capital, NIBL Capital Markets, Global IME Capital and NCM Merchant Banking Limited are the issue managers for the IPO for Rasuwagadhi Hydropower Company. Rasuwagadhi Hydropower Company Limited is also a subsidiary of Chilime Hydropower Company Limited with 33% shareholding and was incorporated in August 2011 as a public limited company. It has planned to develop Rasuwagadhi Hydroelectric Project having capacity of 111MW in Rasuwa district. Nepal Electricity Authority is another major promoter with 18% shareholding, After this IPO, employees of EPF will have 1% shareholding, contributors of EPF will have 19.50% shareholding and employees of promoter companies will have 3.50% shareholding in the company. The company has set aside 10% for project-affected local people and 15% for general public.