Kathmandu, Jan 4: The Securities Board of Nepal (SEBON) on Thursday issued an approval to Rasuwagadhi Hydropower Company to issue an initial public offering (IPO) of Rs 1.64 billion, SEBON’s Spokesperson Niraj Giri said.
Rasuwagadhi Hydropower Company, a subsidiary company of Chilime Hydropower Project, is the promoter of Rasuwagadhi Hydropower Project with the capacity of 111 megawatt based in Rasuwa.
The depositors of Employee Provident Fund, Fund’s officials and employees of lending companies would get the IPO of Rs 1.64 billion plus, as per the recent nod of the SEBON.
Chief of Rasuwagadhi Hydropower Company Madhav Koirala said that permission was received to issue 24 per cent IPO in the first stage.
Global IME Capital Ltd is named as the issue manager of the company. Likewise, Sunrise Capital Ltd, Siddhartha Capital Ltd and NIBL Capital Ltd are the assistant issue managers for the IPO of Rasuwagadhi.
Likewise, the Rasuwagadhi Hydropower Project is planning to issue IPO worth Rs 1.75 billion in the second stage to the affected community members in Rasuwa and general public.
Project Chief Koirala said that around 60 per cent construction works of the project were completed adding that the ongoing construction has moved smoothly though it was delayed due to Gorkha Earthquake and India’s economic blockade in the past.
China Water and Electricity Corporation is carrying out the construction of the project. Total cost of the project is estimated at 13.68 billion rupees.