Kathmandu. Bungal Hydro Company has issued a general share IPO from today. In the first phase, the company has issued an IPO for the project-affected local and foreign employment Nepalis.

The company has issued an IPO worth Rs 290.5 million.  A total of 2.9 million units of shares are being issued at the rate of Rs 100 each.

The company will issue 830,000 units of ordinary shares to the project-affected locals. Bungal Municipality-6 of Bajhang district is the worst affected by the project. The remaining 35 percent share has been reserved for the residents of Bungal Municipality-1, 2, 3, 4, 5, 8, 910 and 11 for the residents of Ward No. 4, 5 and 7 (erstwhile Kafalseri VDC Ward-1).

The company will issue 207,500 units of shares to Nepalis in foreign employment. Project-affected and locals can apply for a minimum of 10 units and a maximum of 20,000 units in the IPO.

Locals can apply from nepal investment mega bank branch at Kedarsyu-1, krishi bikas bank branch at Bungal and global IME bank branch at Jayaprithvi municipality. Similarly, Nepalis in foreign employment can apply from banks and financial institutions that are C-ASBA members licensed by the Securities Board and my shares.

Local and foreign employment nepalis affected by the project can apply till July 30. If the application is not received as per the demand of the locals, then they can apply till August 30. The sales manager is Himalayan Capital.