SEBON: Api Power Company's Proposal for Right Share Distribution Gets Approval

Api Power Company Limited's (API) proposal to distribute 40 per cent right shares to its shareholders has been approved by the Securities Board of Nepal (SEBON).

In a press release issued by SEBON on Wednesday, it stated that the proposal of Api Power Company to issue 1,65,33,137 unit right shares with Muktinath Capital as the issue manager for the issuance has been approved by SEBON. Following the approval, the company can now release a notice for right share applications in line with the existing laws.

In the same manner, SEBON has also requested the company and its issue manager to fulfil all criteria and guidelines as specified by the existing laws with regard to the same.

Earlier, Securities Exchange Board of Nepal (SEBON) had added the right shares of API to its pipeline under preliminary review.

The hydropower company was looking to issue 40% right shares worth Rs. 1.65 Arba through the issue of 16,533,137 (1:0.40) unit share to its existing shareholders.

The current paid-up capital of API after the adjustment of 7.5% bonus shares is Rs. 4.13 Arba. Hence, after the issue of the right share in the ratio of 1:0.40, the paid-up capital of the company will increase to Rs. 5.78 Arba.

The application was submitted to the board on Chaitra 06, 2079.

Api Power Company Pvt. Ltd was established in B.S. 5th Ashad, 2060 (19th June 2003) under "The Company Act, 2053". The company was converted into a Public Limited company on B.S. 6th Shrawan 2070 (21st July 2013). The main objective of the company is to generate electricity through the utilization of water and renewable resources abundantly available in the country in solving our everlasting energy crisis.

The company has its Corporate Office located on the 4th Floor, Trade Tower Nepal, Thapathali, Kathmandu.