Ridi hydropower to issue 3 lakh Units to locals on Oct 4

ShareSansar, Sept 27:

Ridi Hydropower Development Company Limited is issuing the Initial Public Offer of 3 lakh unit equity shares to the local residents affected by or in the vicinity of the 2.4 MW Ridi Khola Small Hydropower Project from October 4.

Of the total units of the IPO, 1,20 thousand units has been allotted to those directly affected by the project at five VDCs of Gulmi: Ruru, Dugam, Siddheshwore, Kheha and Argali and the remaining units have been allocated to the locals of Tansen municipality and 129 VDCs Gulmi and Palpa.

Ridi Khola Small Hydropower Project came into operation in Kartik 2066, has already sold electricity worth Rs 14.83 crore to the Nepal Electricity Authority.

The developer of the project, Ridi Hydropower Development Company was registered as a private company back in Ashwin 2057 and converted to a public undertaking in Shrawan 2063.The company has five hydropower projects under its belt, including 9.9 MW Iwa Khola Hydropower Project.

The company has the authorized capital of Rs 50 crore, issued capital of Rs 30 crore and the paid-up capital of Rs 15.3 crore, and it will go up to Rs 18.3 crore.
The Securities Board of Nepal (SEBON) had approved the IPO on September 16.

Civil Capital Market Limited is the issue manager for Ridi Hydropower Development Company’s IPO which closes on October 27, but could be extended by 20 more days.