Kathmandu. Mount Everest Power Development Company (MPL) is issuing and issuing IPO from today. The company has issued the initial public offering (IPO) to the locals of the project-affected areas and the Nepalis who are employed abroad.

The company was allowed to issue 25,80,000 units of shares i.e. 30% of the issued capital of Rs 86 crore. Out of the total offered shares, the company is issuing 8,60,000 units of ordinary shares at a face value of Rs 100 per share to the locals of the project-affected area.

Out of the total offered shares, 344,000 units will be set aside among the locals of ward no 1 and 2 of Solududhkunda Municipality while the remaining 516,000 units will be distributed to the residents of ward no 1 and 2 of the affected area.

In addition to this, 1,72,000 units of ordinary shares worth Rs 100 per share i.e. 10% of the total amount of shares allotted to ordinary investors will be issued to the Nepalese who have obtained labour permit from the concerned body of the government.

Applications can be place for minimum 10 units and maximum 10,000 units. For the locals of the project-affected areas, the issue will be closed on May 14 at the earliest and it will be delayed on June 1. Similarly, the issuance of Nepalis who are in foreign employment will be closed on May 23 at the earliest and the latter will be on May 14.

NIMBS Capital Limited has been appointed as the issue manager for the IPO issuance. The local people can apply for the shares from Machhapuchchhre Bank, Nepal Bank, Prabhu Bank and NMB Bank’s Salleri-Solukhumbu branch. Similarly, the local residents will be able to apply for the ASBA service from the banks and financial institutions and their designated branches after taking permission from the Securities Board of Nepal. Residents of the project-affected areas have to pay Rs 2 to receive the application form.

The foreign employment of Nepalese working abroad can apply for the ASBA service from the banks and financial institutions participating in the ASBA service and their designated branch offices through the C-ASBA system after obtaining permission from the Securities Board of Nepal. In addition, the applicants can also apply online using CDS & Clearing Limited’s software My Share.