Rights Issue of Api Power Company (API) Approved, Company to Issue 1,08,60,000 Shares

The Securities Board of Nepal (SEBON) has approved the rights offering proposal of Api Power Company Limited (API). The company had applied to the regulatory board SEBON to issue 1,08,60,000 right shares.

The 18th AGM of the company held on 25th Bhadra, 2078 had endorsed the proposal of 1: 0.3936 rights offering on the paid-up capital maintained after the adjustment of bonus shares. The paid-up capital after bonus adjustment is Rs. 275.89 crores. Thus, a total of 1,08,60,000 shares will be issued.

Muktinath Capital has been appointed the issue manager. The application was submitted to SEBON on Ashoj 25. SEBON provided its approval on Falgun 26.

Note that the issue data and the book closure date have not been unveiled.

The company is currently constructing a 40 MW Upper Chamelia project as well as a few MW solar projects in different parts of the nation. Api Power Company has already operationalized the 4 MW Chandrapur Solar Project and is looking forward to becoming a 62.5 MW project by the next year thereby creating more revenue sources for its growth.