Kathmandu. Sanigad Hydro Company Limited has started issuing initial public offering (IPO) to the locals of the project-affected areas and the Nepali migrant workers abroad.

The company is issuing 28,50,000 units of ordinary shares worth Rs 100 per share to the locals of the project-affected area.

Out of which 1,852,500 units of shares have been allotted to Bungal Municipality Ward No. 1 of Sudurpaschim Province, Bajhang District. 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 granted permission to issue 85.50 lakh 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. The local residents of the project-affected areas can apply for the project till April 22 at the earliest and until April 22, 2083. Likewise, Nepalis who are in foreign employment can apply for the post by April 22 at the earliest and until April 22.

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.

NRBNs who are on foreign employment can apply for the ASBA system from the banks and financial institutions participating in the ASBA service and their designated branch offices with permission from the Securities Board of Nepal (SEBON).