Right Shares of Synergy Power Development Company and Upper Tamakoshi Hydropower in Added SEBON Pipeline

Securities Exchange Board of Nepal (SEBON) has added the right shares of Upper Tamakoshi Hydropower Limited (UPPER) and Synergy Power Development Company (SPDL) to its pipeline under preliminary review.

Synergy Power Development Company is looking to issue 50% right shares worth Rs. 40.32 Crores through the issue of 4,032,875 (2: 1) units of right shares to its existing shareholders. The current paid-up capital of the company is Rs. 80,65,75,000. After the adjustment of the proposed right share, the paid-up capital of the company will increase to Rs. 120.98 crores.

Sanima Capital is appointed as the issue manager. The application was submitted to the board on Falgun 05, 2079.

Synergy Power Development Limited was established on January 12, 2007, as a private limited company and was converted into a public limited company on December 27, 2013. The company has been operating the 9.7-MW Siprin Khola HEP since January 16, 2013, which is an R-O-R type developed at 40% probability of exceedance (Q40) in Dolakha district, Bagmati province of Nepal. The project was developed at a cost of ~NPR 150 million per MW. The project had an average generation of ~70% in the last five years ending FY2021.

Similarly, Upper Tamakoshi (UPPER) is looking to issue 100% right shares worth Rs. 10.59 Arba through the issue of 105,900,000 (1: 1) units of right shares to its existing shareholders. The paid-up capital of the company after the adjustment of the proposed right share will increase to Rs. 21.18 Arba.

Sunrise Capital is appointed as the issue manager. The application was submitted to the board on Falgun 18, 2079.

Upper Tamakoshi Hydropower Limited operates a 456-MW Upper Tamakoshi Hydroelectric Project in the Dolkha district of Bagmati Province of Nepal. The paid-up capital of the company as of mid-July 2022 is NPR 10,590 million, which is 51% promoter-held and 49% public held. The 456-MW project owned by the company is the largest operational project in Nepal and is a peaking run of the river (PROR) type (four hours peaking capacity) and has been developed at a 32% probability of exceedance (Q32).