Upper Tamakoshi Hydropower Right Share Allotment; only 3.35 lakh shareholders show up for right shares out of a total 6.43 lakh public shareholders

Upper Tamakoshi Hydropower under the issue management of Citizens Investment Trust and Sunrise Capital Limited has concluded the allotment of its 100% right shares that was floated to its shareholders from Bhadra 18, 2080 to Aswin 22, 2080.

The hydropower company had issued 100% right shares worth Rs. 10.59 Arba through the issue of 105,900,000 units of right shares to its existing shareholders. Out of the total issued shares (51%) i.e. Rs 5.40 Arba worth of shares were claimed by the majority shareholders of the Company, namely Nepal Electricity Authority (NEA), Nepal Telecom (NTC), Citizen Investment Trust (CIT) and Rastriya Beema Sansthan (RBS). NEA has 41% stake, NTC has 6% and CIT & RBS each has 2% stake in the Company. 

The rest 5,18,91,000 units of shares were issued for the public shareholders (49%). 

The hydropower company allotted 3,48,71,470 units right shares on Mangsir 28, 2080 to 3,35,230 applicants who had shown up for the rights issue out of the total 6,43,293 shareholders maintained in the company records. Hence, out of the public only 67.20% of right shares subscribed of the company, whereas, overall 83.92% shares got subscribed. Now, the remaining 1,70,19,530 units will be sold via auction soon by the company. 

After the adjustment of the proposed right share, the paid-up capital of the company will increase to Rs. 21.18 Arba. The last traded price of UPPER stands at Rs 206 in the secondary market.