Bandipur Cable Car and Tourism Limited is concluding the issuance of 5,66,000 units of Initial Public Offering (IPO) shares for the local residents impacted by the project in Tanahu and Gorkha districts today, 20th Shrawan, 2082. The IPO commenced on 6th Shrawan, 2082.
The company’s issued capital stands at Rs. 2.83 Arba. Of this total, 20.7067%, translating to 58,60,000 unit shares, will be distributed to the public. Of the overall issued capital, 2%, equating to 5,66,000 unit shares valued at Rs. 5.66 Crores, will be allocated to project-affected inhabitants of Tanahu and Gorkha districts. The balance of 18.7067% of the issued capital, which is 52,94,000 unit shares, will be available to the broader public at a later date.
Within this public offering, 10%, totaling 5,29,400 unit shares, has been reserved for Nepali citizens employed abroad, with this segment closing on 9th Shrawan, 2082.
For both the project-affected residents and Nepali citizens overseas, the minimum application quantity is set at 10 units, while the maximum can reach 20,000.
Nepal SBI Merchant Banking Limited has been designated as the issue manager for the IPO.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ for Bandipur Cable Car and Tourism Limited (BCTL), signifying a moderate risk of default on timely financial obligations within Nepal. Furthermore, CRNL has reaffirmed the ‘CARE-NP BB’ rating assigned to BCTL’s long-term banking facilities.
Bandipur Cable Car is a private limited entity, established on January 6, 2013. It is developing a cable car and hotel venture in Bandipur, Tanahu district of Nepal. The initiative will provide two types of services: firstly, transport from the base station to the hilltop station and vice versa via cable car; and secondly, lodging and hospitality services through the Hotel. The endeavor has been recognized as a “National Priority Project” by the National Planning Commission (NPC).
