Kathmandu. Yambaling Hydropower Limited has extended the deadline for the application for the initial public offering (IPO) issued by the locals of the project-affected area. The company said that the IPO was issued from March 22 and the deadline has been extended till May 22 after the expected applications were not received.

If more applications are received than the demand before the stipulated time, the issue will be closed before the process. The company, which has received permission from the Securities Board of Nepal (SEBON) to issue 40 percent of its issued capital i.e. 28 lakh units of shares worth Rs 280 million, in the first phase, has been allotted 700,000 units of shares to the project-affected locals.

Jugal Rural Municipality Ward No. Residents from 1 to 7 can apply for the IPO. Applications can be place for minimum 10 units and maximum 7000 units.

Muktinath Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be collected from designated branches of Sindhu Bikas Bank and Kumari Bank as well as through ASBA system. The company has to pay a fee of Rs 2 to get the application form.