Upper Tamakoshi Hydropower Company's 100% Right Shares Issue Remains Undersubscribed

Upper Tamakoshi Hydropower Company's highly anticipated 100% right shares issue has failed to attract full subscriptions from its shareholders. The company had initiated this offering with the aim of increasing its paid-up capital.

The company had issued a 1:1 ratio of right shares to its existing shareholders, with each share having a par value of Rs. 100. This offering was open for subscription from 18th Bhadra to 22nd Ashwin, 2080. In total, 105,900,000 units of right shares, amounting to Rs. 10.59 Arba, were made available to the existing shareholders. Following the successful adjustment of these proposed right shares, the company's paid-up capital would have surged to Rs. 21.18 Arba.

Of the 105,900,000 units of right shares, 54,009,000 units had already been allocated to the promoter shareholders of the company, and this allocation was met with full subscription, amounting to a total of Rs. 5.40 Arba. However, the remaining 51,891,000 units were later offered to the general shareholders.

According to the CDSC, a total of 275,204 general shareholders applied for 30,872,656 units of right shares, equivalent to Rs. 3.08 Arba. Despite this substantial interest from the general shareholders, the issue was only subscribed to 59.5% of its total offering.

Sunrise Capital Limited was appointed as the issue manager for this right issue. The remaining 21,018,344 units of unsubscribed right shares will later sold through auction to the general public.

Note that there might slight change in numbers as the physical applications submitted by the general shareholders are yet to be fully verified.