Rawa Energy Development Allotted IPO Shares to Locals of Khotang District on Jestha 01
Wed, May 17, 2023 10:29 AM on Latest, IPO/FPO News, Share Allotment,
Rawa Energy Development Limited has allotted IPO shares to the project-affected locals of the Khotang District. The allotment program concluded on 1st Jestha, 2080.
The issued capital of the company is Rs. 28 Crores of which 10% i.e. 2,80,000 unit shares worth Rs. 2.8 crores were allocated to project-affected locals of Khotang District. The issue had opened on 23rd Chaitra, 2079, and was supposed to close on 7th Baisakh, 2080. However, since the issue was not fully subscribed by the early closing date, the deadline was extended till 24th Baisakh, 2080. Locals could place their applications for a minimum of 10 shares to a maximum of 10,000 shares.
As per the notice published today, the company hereby informs that the issued units have been allotted to the valid applicants on 1st Jestha, 2080.
The IPO result can be viewed on the official site of https://iporesult.cdsc.com.np/
Prabhu Capital Limited is appointed as the issue manager. The promoter-public share ratio will be 70: 30 after this IPO.
CARE Ratings Nepal Limited (CRNL) has assigned the issuer rating assigned of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Rawa Energy Development Ltd is a public limited company, incorporated on August 16, 2009, as a private limited company and later converted to a public limited company on June 28, 2019. It is promoted by business persons having long experience in hydropower and other sectors for setting up Hydroelectric Projects (HEP) in the territory of Nepal. The company has a 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) in Khotang District which has been in commercial operation since September 20, 2020. The project is constructed under BOOT (Build, Own, Operate, and Transfer) mechanism.