Kathmandu. Kalanga Hydro Company Limited (KHL) has issued an initial public offering (IPO).

In the first phase, the company has issued IPO to the locals of the project-affected areas and the Nepalis who are employed abroad.

The company has been allowed to issue 4.9 million units of shares worth Rs 490 million, which is 35% of the issued capital of Rs 1.40 billion. Out of this, 14 lakh units of ordinary shares worth Rs 140 million have been issued to the locals of the project-affected areas.

The company has issued 910,000 units of shares to the residents of Kedarsyun Rural Municipality-4 and 5, Bitthadchir Rural Municipality-6 and 8, Bungal Municipality-3, 4, 6, 8 and 5 of Baitadi district, Dilasaini Rural Municipality-1 and 2 of Baitadi district and Shailyashikhar Municipality-1 of Darchula district.

Similarly, 4,90,000 units of shares have been issued to the locals of Kedarsyun Rural Municipality, Bitthadchir Rural Municipality and Bungal Municipality of Bajhang, Dilasaini Rural Municipality of Baitadi and Shailyashikhar Municipality of Darchula.

The company has issued 3,50,000 units of shares worth Rs 3.5 crore to the Nepali migrant workers with work permit.

Applications can be place for minimum 10 units and maximum 20,000 units. Locals of the project-affected areas can apply till April 24. If the application is not received as per the demand within the stipulated period, the applicant can apply till April 22, 2083. Nepalis who are in foreign employment can apply till March 29. If the application is not received as per the demand within the stipulated period, the application can be submitted till April 24.

Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can bid for the shares from Global IME Bank’s Jaya Prithvi Municipality-10, Jaya Prithvi Municipality-10, Bajhang, Gokuleshwor, Shailyashiver – Darchula branch, Kumari Bank’s Chhabispathibhara Rural Municipality, Bajhang and Dilasini Rural Municipality, Baitadi branch of Nepal Investment Bank Limited and Agriculture Development Bank’s Bungal Municipality-4, Bajhang branch.

Nepalese who are in foreign employment can apply for the shares from the Securities Board of Nepal (SEBON) through the banks and financial institutions that are members of the company.