United Modi Hydropower Proposes to Issue 100% Right Shares; Decision Subject to Approval from ERC

Thu, Nov 30, 2023 10:37 AM on Dividend, Bonus & Rights, Latest,

According to the decision of the Board of Directors meeting of United Modi Hydropower Limited (UMHL), the company has proposed to issue right shares in the ratio of 1:1 or 100% right shares.

The meeting of the board of directors held on Mangsir 13 has decided to issue the 100% right shares on the paid-up capital of Rs. 1.23 Arba to invest in its hydropower projects. Hence, after the issue of 12,305,000 units of right shares, the paid-up capital of the company will increase to Rs. 2.46 Arba.

However, it is important to note that the issuance of these right shares is contingent upon receiving approvals from both the regulatory bodies, namely the Electricity Regulatory Commission and the Securities Board of Nepal (SEBON), and subsequent endorsement at the company's upcoming Annual General Meeting (AGM).

UMHL closed at Rs. 184 yesterday.