Synergy Power Development Company Receives Preliminary Approval from ERC to Issue 50% Right Shares

Synergy Power Development Company (SPDL) has got preliminary approval from the Electricity Regulatory Commission to issue a 2: 1 right offering. The application was sent to ERC for the issuance of right shares on Kartik 17, 2079.

The board of directors meeting held on Shrawan 24, 2078 proposed to issue 50% right shares on the paid-up capital after adjusting 10% bonus shares for FY 2077/78 i.e. 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.

The company will issue the right shares to its shareholders only after the approval of SEBON. As of writing, SPDL has an LTP of Rs. 338.50.