Kathmandu. Kalanga Hydro Limited is going to issue the first phase of IPO from March 24. In the first phase of the IPO, the company will be issuing shares to the local residents of the project-affected areas and Nepalese employed abroad.
The company has been granted permission to issue 49 lakh units of shares worth Rs 490 crore, i.e. 35 percent of the issued capital of Rs 1.40 billion. Out of the IPO with a face value of Rs 100 per share, 14 lakh units have been allotted to the locals of the project-affected area. A total of 9,10,000 units have been set aside for the residents of affected areas and 4,90,000 units have been set aside for the residents of other affected areas. Similarly, 3,50,000 units of shares will be issued to Nepalese who are employed abroad.
Applications can be place for minimum 10 units and maximum 20,000 units. The IPO will be open for local residents till April 24 at the earliest and for the late April 24, the application can be made from April 24 to April 24.
Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. The company has been operating the 15.33 MW Kalangagad Hydropower Project in Bajhang and commercial production started on February 11, 2022. The company currently has accumulated losses of over Rs 1.31 crore and net worth per share of Rs 98.56.
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