Kathmandu. Godavari Steel Limited (Godavari Steel Limited) is going to issue initial public offering (IPO) to the general public. The meeting of the Board of Directors held on Tuesday has decided to take the proposal to issue IPO in the upcoming general meeting.

The company has called its annual general meeting on January 14. The meeting will be held at Company Head Office, Gwarko, Lalitpur-8. The company will issue 30 percent of its issued capital in the AGM. Out of the total shares, 10 percent will be issued to the locals of the project-affected area.

The remaining 20 percent of the shares have been set aside for the general public. Out of the total 20 percent share, 10 percent will be issued to Nepali citizens who are employed abroad with labor permit, 5 percent to employees working in institutions and 5 percent to mutual funds.

The meeting proposes to hold discussions on its annual report for the fiscal year 2081÷082 presented by the Board of Directors of the company.

Chairman Munna Prasad Senuriya Baniya said that the meeting has proposed to give full authority to the Board of Directors to amend or change any issue while submitting it to the regulatory body for approval to proceed with the IPO issue.

Godavari Steels Pvt. Ltd. has a turnover of Rs 6.30 billion in 2023. That’s 16.44 percent more than in 2022. According to rating agency Care Ratings Nepal, the company had a turnover of Rs 5.41 billion in 2022 and Rs 3.1 billion in 2021.

Steel has re-upgraded its rating for loans worth Rs 7.6 billion. Out of this, the loan for long-term loan of Rs 3.26 billion has been rated ‘Care NP BB Minus’ and for short term loan it has been rated ‘Care NP A4’. Godavari Steels has a factory in Chandranigahapur, Rautahat.