Kathmandu. Beni Hydropower Project Company has opened the IPO issuance on Sunday. The company is going to issue IPO from March 1 for the local residents of the project-affected areas and Nepalis who are in foreign employment.

The company was allowed to issue an initial public offering (IPO) of Rs 1.04 billion i.e. 20 per cent of the issued capital. The company was allowed to issue 20,80,000 units of shares. Out of the offered, 10,40,000 units of ordinary shares worth Rs 100 per share will be issued to the locals of the project-affected area.

Out of this, 5,20,000 units of shares have been allotted to Solududhkunda Municipality Ward No. 312,000 units will be distributed among the permanent residents of Ward No. 2, 3 and 4 of Sulududhkunda Municipality. The shares will be allotted to the permanent residents of Ward No. 5, 6, 7 and 11 and 208,000 units will be allotted to the permanent residents of other areas of Solukhumbu District.

The company is issuing 100,000 units of ordinary shares at a face value of Rs 100 per share i.e. 100.05 million to the concerned Nepalese working abroad.

Applications can be place for minimum 10 units and maximum 1000 units. For the locals of the project-affected areas, the issue will be closed on April 29 and the next date will be April 14. Similarly, the exodus for Nepalis who are in foreign employment will be closed on March 15 at the earliest and on March 29 at the latter.

NMB Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can collect the application forms from Securities Board of Nepal (SEBON), Sallesi branch of NMB Bank, Laxmi Sunrise Bank, Solukhumbu branch of Global IME Bank and Necha Salyan branch of Prime Commercial Bank. Locals of the project-affected areas will have to pay Rs 2 to receive the application form.

The foreign employment of Nepalese working abroad can apply for the ASBA service from the banks and financial institutions participating in the ASBA service and their designated branch offices through the C-ASBA system after obtaining permission from the Securities Board of Nepal. The applicants can also apply online using CDS & Clearing Limited’s software ‘Mero Share’.