Terhathum Power Company Limited has allotted its IPO shares to project affected local residents of Terhathum Districts on 29th Shrawan, 2078.
The IPO issue for locals was opened from Shrawan 5. NIBL Ace Capital Limited has been appointed as the issue manager for the IPO issuance.
The company has 4,000,000 registered shares of which 1,200,000 shares were issued to the public. This is 30% of the company's paid-up capital. SEBON approved the proposal on Ashad 10, 2078. Out of the total 12 lakh units, 4 lakh were issued to the locals of the project affected area and the rest 20% i.e. 8 lakh units to the general public.
After the IPO is issued in two phases, first to locals and then to the public, the promoter: public shareholding ratio of the company will be 70:30, and paid-up capital will be Rs 40 crore.
The IPO proceeds have been planned to be utilized towards the development of the 7.5-MW Upper Khorunga Small Hydropower Project. Incorporated on August 16, 2009, as a private limited company, Terhathum Power Company Limited (TPCL) was converted to a public limited company on June 21, 2018.