Beni Hydropower to issue IPO from March 1

Kathmandu. Beni Hydropower Project Limited is going to issue initial public offering (IPO) from March 14. The company is going to issue IPO for the local residents of the project-affected areas and Nepali nationals who are in foreign employment.

On February 12, the Securities Board of Nepal (SEBON) had granted permission to issue 20.80 lakh units of shares at a face value of Rs 208 million i.e. 20 percent of the issued capital of Rs 1.04 billion. Out of the total offered shares, 10 percent i.e. 10.40 million units of ordinary shares worth Rs 10.40 crore have been allotted to the residents of the project-affected areas.

Among them, Solududhkunda Municipality Ward No. 5,20,000 units (50 per cent) will be provided to the permanent residents of the most affected areas of Ward No. 2, 3 and 4. The locals of Province 5, 6, 7 and 11 will be issued 3,12,000 units (30%) and 20,08,000 units will be issued to the residents of the remaining permanent areas.

Out of the total 10,40,000 units issued to the general public, 1,04,000 units will be issued to the Nepali nationals who are employed abroad. In case the shares allotted to the residents of the project-affected area and the Nepali nationals in foreign employment are not fully sold, the remaining shares will be issued after adjusting to the general public.

Applications can be place for minimum 10 units and maximum 10,000 units.