The IPO issued by Buddhabhumi Nepal Hydropower Limited has been allotted. The sales manager, Civil Capital, distributed the shares at the Capital office on Friday morning.
Of the total 2,030,955 applications for the IPO, 16,033 applications were rejected and only 2,014,922 applications were eligible, according to Capital. The shares have been distributed by including the eligible applicants in the round. Accordingly, 74,400 people have received shares at the rate of 10 lots. Of those who have applied in this regard, 1,956,555 have become vacant.
The company has opened sale of ordinary shares to the public since September 25. The company had issued 800,000 IPOs worth Rs 80 million to the public at the rate of Rs 100 per share. Out of 800,000 shares, 2 percent or 16,000 shares were allotted to the employees of the organization and 5 percent or 40,000 shares were allotted to the collective investment fund. The general public has applied for the remaining 744,000 shares.
Company introduction:
Buddhabhumi Nepal Hydropower Company Limited has been operating under the Companies Act 2063 and Electricity Act 2049 as per the prevailing law.
The company is constructing the Lower Tandy Khola Hydropower Project. The power house of the project is 26 km from Bidur, the district headquarters of Nuwakot district. It is located at a distance of 5 km east of Kharanitar Bazaar. In the main structure of the project, the headworks are in ward no. 5 and 6 of Dupcheshar village municipality and the power house of the project is in ward no. The installed capacity of the project is 4.993 MW. The company has mentioned that the work progress of the project has been completed 95 percent.