Kathmandu. Bandipur Cable Car and Tourism Company is going to issue an IPO for the project-affected local residents and Nepalis in foreign employment. The company is going to issue the IPO from July 1.

The company had received permission to issue 5.86 million units of shares worth Rs 586 million i.e. 20.7067 percent of the issued capital of Rs 2.83 billion. Out of this, 566,000 units of ordinary shares worth Rs 56.6 million will be issued for the local residents of the project-affected areas. All wards of Bandipur Rural Municipality of Tanahun district, all wards of Abukhaireni Rural Municipality, Ward No. 1 of Bhanu Municipality and Palungtar Municipality Ward No. 1 of Gorkha district have been selected for the purchase of the shares. Local residents of Ward No. 7 can apply.

In addition, 529,400 units of ordinary shares worth Rs 52.94 million, representing 10 per cent of the shares allocated for general investors, will be issued for Nepalis employed abroad after obtaining labour clearance from the concerned authorities of the Government of Nepal.

Applications can be made for a minimum of 10 units and a maximum of 20,000 units. For the local residents of the project-affected areas, the issue will be closed at the earliest on August 15 and the late one will be on August 15. Similarly, for Nepalis in foreign employment, the issue will be closed at the earliest on July 15 and late on July 15.

Care Rating Nepal has given careNP double B issuer rating to the company in the rating for the IPO issue. This indicates that there is an average risk in the company’s ability to bear liabilities.