Sanima Mai Hydropower AGM on Feb 26 to elect two public directors

ShareSansar, Sept 26:

Sanima Mai Hydropower Ltd (SMHL) will hold its second Annual General Meeting on February 26 in Kathmandu.

Issuing a public notice today, the hydropower company, which had float an Initial Public Offer of 2,110,000 equity shares of face value Rs 100 each in September, stated that the AGM will elect two directors from the ordinary shareholders.

The IPO was oversubscribed by around 30 times.
It may also be noted that SMHL had issued its IPO for the project affected people of Ilam district earlier last year.

SMHL has an authorized capital of Rs 2.70 billion, issued capital of Rs 1.055 billion and its paid-up capital became at par with the issued capital following the IPO.

SMHL is promoted by a group of veteran Non Resident Nepalese professionals who have extensive experience in a number of industries which include banking, insurance, real estate, engineering, construction.

Currently, the company is developing two hydropower projects with an aggregate capacity of 29 MW. Phase I of the project is of a capacity of 22 MW and is expected to commission in July 2014 while Phase II of the project is of a capacity of 7 MW and is expected to commission in July 2015.