Joshi Hydropower Development Company Limited has announced the issuance of its 65 percent right shares starting from Shrawan 15, 2082. The company is offering the shares in the ratio of 1:0.65, meaning existing shareholders will be eligible to purchase 0.65 shares for every 1 share they currently own.
24.14 lakh shares at Rs. 100 face value
A total of 24,14,100 right shares will be issued at a face value of Rs. 100 per share. The offering was approved by the Securities Board of Nepal (SEBON) on Jestha 26.
Book close on Asar 8
The company has already conducted its book closure on Asar 8. As a result, only shareholders who held Joshi Hydropower shares until Asar 7 are eligible to apply for the right shares. The application window will remain open until Bhadra 4, 2082.
Capital to increase by over Rs. 24 crores
Currently, Joshi Hydropower’s paid-up capital stands at Rs. 37.14 crores. After the successful completion of the right issue, the capital will increase to Rs. 61.28 crores.
Proceeds to fund Upper Puwa 1 project
The funds raised from this issuance will be used to repay loans and carry out structural maintenance of the company’s Upper Puwa 1 Hydropower Project, a 3 MW project under operation.
Issue manager
The company has appointed LS Capital Limited as the issue and sales manager for this right share offering.
