Swet Ganga Hydropower & Construction Limited (SWET) has opened an offer letter to issue its IPO to the project affected locals of the Ramechhapp and Okhaldhunga Districts today.
The local IPO will begin on the 23rd Jestha and end on the 6th Ashadh, 2079. The issue will close on 21st Ashadh if it is not subscribed by the early closing date. At a par value of Rs. 100 per share, 15,93,000 unit shares will be issued.
This equates to 10% of the company’s issued capital, or Rs. 1.59 Arba. 70 percent, or 11,15,100 unit shares, have been set up for the residents of Ramechhapp Rural Municipality and Okhaldhunga District, while 25 percent, or 3,98,250 unit shares, have been set aside for the residents of Ramechhapp. Meanwhile, the remaining 79,650 unit shares will be distributed to project-affected residents in both districts.
The issue manager for the IPO issuance has been named Sanima Capital. Locals can apply for as few as 10 shares and as much as 10,000 shares.
Swet Ganga Hydropower & Construction Limited has been awarded a CARE-NP BB (IS) issuer rating by CARE Ratings Nepal Limited (CRNL) (SGHCL). Issuers with this rating are thought to pose a modest risk of default in Nepal when it comes to meeting their financial obligations on time.
Swet Ganga Hydropower & Construction Limited (SGHCL) is a public limited company that was founded on February 28, 2005 as Swet Ganga Hydropower & Construction Private Limited and later changed to a public limited company on October 3, 2016. Individual promoters from various backgrounds, institutional investors, primarily from the Sanima Hydro group, and other institutes, including banks and investment organizations, are working together to build a 28.1 MW run-of-river Lower Likhu Hydropower Project (LLHP) in Nepal’s Ramechhap district. The project is being built using the BOOT (Build, Own, Operate, and Transfer) model.
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