Stock market

Upper Hewakhola Hydropower Issuing 15,00,000 units IPO shares for General Public from Ashad 24

Upper Hewakhola Hydropower

Upper Hewakhola Hydropower

UHKHPC will be offering 15,00,000 units at a price of Rs. 15 crores in its Initial Public Offering on Ashad 24, 2079. The early closing date for this issue is Ashad 28 and the issue can be extended up until Shrawan 06, 2079 if it is not fully subscribed.

In the amount of 15,00,000 units offered, 2%, or 30,000 units, have been set aside for the employees of the company, and 5%, or 75,000 units, have been reserved for mutual funds. The remaining 13,95,000 units are for general public use.

There is a minimum requirement of 10 units and a maximum of 1,000,000 units.

As issue manager for the IPO, NMB Capital Limited has been appointed.

Locals of the Sankhuwasabha district already own 10% of the capital, while the general public owns 30%.

Upon the allotment of the IPO to the public, the company’s total capital will reach Rs 50 crore. 

UHHCL’s issuer rating has been revised to ‘CARE-NP BB (Is)’ by Care Ratings Nepal Limited (CRNL). The timely servicing of financial obligations by issuers with this rating in Nepal carries a moderate default risk.

As of March 13, 2012, Upper Hewakhola Hydropower Company Ltd. was incorporated as Upper Hewakhola Hydropower Pvt. Ltd. Later, it became a public company on June 6, 2018. The project is driven by institutional as well as individual promoters with diverse backgrounds as part of the BOOT model (Build, Own, Operate, and Transfer) in the Sankhuwasabha district of Nepal.

Details to follow here.

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