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Nyadi Hydropower Limited IPO Date for Project Affects Locals and Employees of Promoter Institutions

News 08 Aug 2021 1843 0

Initial Public Offering IPO

Nyadi Hydropower Limited is going to open the IPO issue and sale from 1st Bhadra 2078 (17th August 2021) to 15th Bhadra 2078 (31st August 2021). The company is about to issue an IPO for the locals and founding shareholders of the project-affected areas.

Nyadi Hydropower is going to issue a total of 1.8 million units of ordinary shares with a face value of Rs 100 per share. According to the Environmental Impact Assessment Report and Supplementary Environmental Impact Assessment Report of the project, the most affected areas are Marsyangdi Rural Municipality Ward No. 3 of Lamjung District (Ward No. 1, 2, 3, and 6 of formerly Khudi VDC only) and Marsyangdi Rural Municipality Ward No. 6, 7 and 8 (formerly Bahundanda VDC and Bhulbhule VDC) have issued 500,000 units of shares for the locals and 1 million units of shares for the locals of other areas of Lamjung district besides that area.

The company is going to sell the remaining 300,000 units of shares to the employees of its founding shareholders Butwal Power Company and Lamjung Power Development Company.

The IPO issue will be closed on the 15th of Bhadra (earliest) and on the 30th of Bhadra (lastly). NMB Bank's Beshisahar branch, Civil Bank's Bhulbhule branch, and Global IME Bank's Beshisahar, Udipur, Dordi, Bholentar, Sunderbazar, and Bhabhoteodar branch offices can apply for the IPO. Employees of the founding shareholders of Nyadi Hydropower can apply from the company's office, Buddhanagar.

The issue and sale manager of Nyadi Hydropower is Global IMAE Capital. Investors will have to apply for a minimum of 10 units of shares and a maximum of 50,000 units.

Care Rating Nepal has given Care NP Double B Issuer rating to Nyadi Hydropower in the rating given for the IPO issue. This indicates an average risk in the company's ability to bear responsibility.