Ridi Hydropower's book closure: investors getting hold of shares by Thursday to be included in register
Mon, Oct 27, 2014 12:00 AM on Book Closure,
ShareSansar, October 27:
Ridi Hydropower Development Company Ltd has announced the date of its book closure for the purpose of the company’s annual general meeting (AGM).
Publishing a notice today, the hydropower company stated that its shareholders register will be closed from Kartik 15.
According to the company’s notice, shareholders getting hold of the shares of the company by Kartik 14 (Friday) will only be entered into the register. This means that the shareholders buying shares of Ridi Hydropower till Friday can only clinch the dividend announced by the company. Since share trading are not held on Friday, investors will be able to get hold of the shares till Thursday alone.
Ridi Hydropower, which is the subsidiary of Arun Valley Hydropower Development Committee (AHPC), has already announced that it is going to offer 10 percent bonus shares plus 0.526 percent cash dividend for tax purpose to its shareholders.
The 13th AGM of the company scheduled to be held at Trade Tower Business Center on Mangsir 7 is likely to endorse the proposed dividend. The dividend is the first offer of the company to its shareholders since it went to public in fiscal year 2013/14.
The agenda list of the AGM also includes the delegation of authiroty to the company's board of directors (BoD) to pursue merger and acquisition of other appropriate company/institution.
Ridi had floated the IPO of 11.70 lakh units at a face value of Rs 100 per unit in February, and it was oversubscribed by 81.71 times.
According to a financial statement of the hydro company, it achieved a net profit of Rs 1.9 crore by the fourth quarter of the last fiscal year 2070/71, up from Rs 1.14 crore in the corresponding quarter of the previous fiscal year 2069/70.
The company has developed 2.4-megawatt capacity project on Ridi River that borders Gulmi and Palpa districts while it also plans to develop Iwa Khola Hydropower Project (10 MW) in Panchthar district.
