Upper Solu Hydro Electric (USHEC) IPO Opening for Locals of Solukhumbu District from Baisakh 22

Upper Solu Hydro Electric Company Limited (USHEC) is opening its IPO to the project-affected locals of Solukhumbu districts' (Dudhkunda Municipality) from 22nd Baisakh and close 5th Jestha, 2079. If unsubscribed, the issue can be extended up to Jestha 20, 2079.

A total of 13,50,000 shares will be issued at a par value of Rs. 100 per share. The interested locals can place their applications for a minimum of 10 units and a maximum of 1,00,000 units.

NMB Capital has been appointed as the issue manager for the IPO issuance.

ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Upper Solu Hydro Electric Company Limited (USHEC or the company). Companies with this grading are considered to have a moderate risk of default regarding timely servicing of financial obligations.

Upper Solu Hydro Electric Company Limited (USHEC) (incorporated on May 28, 2010 as a private limited company and later converted to public limited company on April 14, 2016 to facilitate public participation) has been established with the objectives of investment and development of hydropower project. The paid-up capital of the company as of mid-Jan 2021 was NPR 1,019.25 million, which is entirely held by the promoters. As of mid-Jan 2021, the major promoters of USHEC are Ms. B.E.S. P. Ltd. (~26%), Mr. Prabin Shrestha (~11%), Mr. Dineshlal Shrestha (~9%), Mr. Sureshlal Shrestha (~9%) and Mr. Rajeshlal Shrestha (~8%); while the remaining ~37% is held by 189 individual shareholders.

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