Kathmandu. Sanigad Hydro Company is going to issue IPO from March 8 for the locals of the project-affected areas and foreign employment. The company is issuing 28,50,000 units of ordinary shares at Rs 100 per share to the locals of the project-affected area.

A total of 1,852,500 units of shares will be issued to the residents of the project-affected areas of Bungal Municipality Ward No. The remaining 997,500 units will be distributed among the residents of ward no. 1, 2 and 4 while the remaining 997,500 units will be distributed to the residents of Bungal Municipality. It will be distributed among the residents of wards 3, 5, 6, 7, 9, 10 and 11.

The company has been permitted to issue 8.55 million units of shares i.e. 30% of the total issued capital of Rs 2.85 billion. The company is issuing 570,000 units of ordinary shares at a face value of Rs 100 per share i.e. 10% of the total amount of shares allotted to the general public.

Applications can be place for minimum 10 units and maximum 20,000 units. For the locals of the project-affected areas, the issue will be closed on April 22 at the earliest and the latter will be on April 7, 2083. Similarly, the issuance of foreign employment will be closed on April 22 and will be closed on April 22 at the latest.

Laxmi Sunrise Capital Limited has been appointed as the issue manager for the IPO issuance. Interested bidders can bid for the shares from Laxmi Sunrise Bank’s Chainpur branch, Global IME Bank, Rastriya Banijya Bank and Agricultural Development Bank, Bajhang branch. Apart from this, people can also apply from Power House Birawagar and Bungal. Locals of the project-affected areas will have to pay Rs 2 to receive the application form.

NRB, Nepalese who are on foreign employment can apply for the ASBA service from the banks and financial institutions participating in the ASBA service and their designated branch offices through the ASBA system.