Sebon addresses non-regulated sectors; sets new standards to issue right share & FPO
Thu, Dec 8, 2016 12:32 PM on Latest, Featured, Stock Market,
Securities Board of Nepal (SEBON) has published a notice addressing Hydropower Companies, Hotels, Manufacturing & Production and Others sectors for following certain terms and conditions to issue right share and Further Public Offering (FPO). The notice excludes Bank and Financial Institutions (BFIs) and Insurance sectors.
The Board has come up with following conditions
- A complete financial plan and policies regarding the implementation of the fund collected from the right share and FPO should be approved by the company’s Annual General Meeting (AGM).
- Fundamentals should be cleared for right share issuance.
- Company should have completed at least 2 years of floating Initial Public Offering (IPO) shares.
- Company should be rated by the rating agency.
- Company should have fully paid issued capital.
- Company should have got approval from concerned authorities for construction of hydropower projects.
- Company should have got Letter of Intent (LOI), if any.
- Company should publish notice of getting approval from the Board on financial closure prior to five days of right share/FPO issuance.
