Reminder: Singati Hydro Energy Limited's IPO Deadline Extended
Sun, Jan 31, 2021 10:55 AM on Latest, IPO/FPO News,
Singati Hydro Energy Limited (SEHL) has been issuing its 14,50,000 unit IPO shares to the project-affected locals of Dolkha District from Magh 4, 2077.
The IPO issue for locals was open from Magh 4 and was supposed to close today, i.e. Magh 18. Since the IPO issue is still undersubscribed, the deadline has been extended to Falgun 3, 2077. The interested locals can place their applications for a minimum of 10 units and a maximum of 2,00,000 units.
Mega Capital Markets Limited has been appointed as the issue manager for the IPO issuance.
The company has issued 43,50,000 units of IPO shares, out of which 14,50,000 units of shares have been offered to locals of project affect areas in the first phase and the remaining shares will be offered to the general public later in the second phase.
After the issuance of shares to locals and general public company capital will be Rs 1.5 Arba and public and promoter shares holding will be 70:30.
CARE Ratings Nepal Limited (CRNL) has assigned the ‘CARE-NP BB- (Is)’ rating to SHEL.
SHEL was initially incorporated as a private limited company named Singati Hydro Energy Private Limited on May 19, 2010. Later on, it converted to a public limited company named Singati Hydro October 2020 5 Energy Limited on June 20, 2018. It is promoted by various institutional and individual promoters from different backgrounds for setting up a 25 MW run-of-river, Singati Khola Hydropower Project (SKHP) in Dolakha district of Nepal. The project is one of the ‘super six’ hydropower projects in Nepal. This project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism. RC Hydro Investment Private Limited (8.44%), Mr. Batu Lamichhane (8.24%), Mr. Ganesh Karki (6.27%) are the major shareholder of the company.
