Ridge line energy limited is opening its initial public offering from poush 13. In the first phase, the company will issue shares only to people living in project-affected areas and to nepalis working abroad.
The company has received approval to issue 22% of its total paid-up capital. This comes to 2.607 million shares worth rs 260.7 million. Each share has a face value of rs 100. Out of the total issue, 1.185 million ordinary shares worth rs 118.5 million are reserved for local residents of the project-affected areas.
People living in all wards of Ajirkot rural municipality in gorkha district are eligible to apply. In lamjung district, residents of dudhpokhari rural municipality wards 1, 2, and 3, and dordi rural municipality wards 4, 5, and 6 can also apply.
Nepalis working abroad will receive shares set aside from the public quota. This includes 142,200 ordinary shares worth rs 14.22 million. Only those who have received labour approval from the concerned government body can apply under this category.
Applicants can apply for a minimum of 10 shares and a maximum of 50,000 shares. Local residents can submit their applications from poush 13. The early closing date is poush 28, and the final deadline is magh 12. Nepalis working abroad can apply from poush 17, and their deadline is poush 28.
Care ratings nepal has given ridge line energy a care-np double b issuer rating for the ipo. This rating shows that the company has a moderate level of risk in meeting its financial obligations.
Prabhu capital limited is the issue and sales manager for the ipo. Nepalis working abroad can apply through the asba system with approval from the securities board of nepal. Local residents can apply at the ridge line energy project office in gorkha, prabhu capital in kamaladi, prabhu bank branches in chepetar and palungtar, or through the online portal. Project-affected locals must pay a fee of rs 2 to get the application form.
