Mai Khola Hydropower issuing IPOs from March 9

Kathmandu; Mai Khola Hydropower Limited is floating primary shares for the residents of the project-affected areas and Nepalis who are in foreign employment.

According to the company, it will be issuing the initial public offerings (IPOs) from March 9. The company is going to issue 10 percent of the issued capital of Rs 392.156 million i.e. 392,157 units of shares worth Rs 39.2157  million at the rate of Rs100 each ordinary shares for the residents of the project affected area.

Similarly, a total of 152,941 units of shares will be issued to Nepalis who are employed abroad. In the shares to be issued, residents of the project-affected areas can apply for the purchase of shares from a minimum of 10 to a maximum of 10,000 shares, while those in the foreign employment can apply for a maximum of 50,000 shares.

The company is constructing a three megawatt hydropower project in Ilam. According to the company, the eviction for the residents of the project-affected areas will be on March 23rd at the earliest and at the latest on April 7th. Nepalis who are employed abroad should apply before March 23.

Nepalis who are employed abroad can apply through the 'Mero Share' system at ASBA member banks and financial institutions and their designated branch offices and online, the company said.

Prabhu Capital Limited is the company's share issue and sales manager. In the rating given for the IPO issue, ICRA Nepal has given the company 'ICRA NP Issuer BB Plus' rating.