Kalanga Hydro Limited is concluding the offering of 1,400,000 units of Initial Public Offering (IPO) shares for the locals impacted by the project in Bajhang District today, 24th Chaitra, 2082. This IPO was initiated on 10th Chaitra, 2082.
The company’s authorized capital stands at Rs. 1.40 Arba. From this, 35%, equating to 4,900,000 unit shares, will be made available to the public. Of the total authorized capital, 10%, representing 140,000 unit shares valued at Rs. 14 Crores, will be designated for the project-impacted residents of Bajhang District. The remaining 25% of the authorized capital, or 350,000 unit shares, will be open to the general public.
Out of this general public offering, 10% of the 3,500,000, a total of 350,000 unit shares, were reserved for Nepalese citizens employed overseas.
For the locals affected by the project, the minimum application size is 10 units, while the maximum is 20,000 units. Similarly, for Nepalese citizens working abroad, the minimum application size is also 10 units, with a maximum of 20,000 units.
Sanima Capital Limited has been designated the issue manager for this public offering.
CARE Ratings Nepal Limited (CRNL) has updated the issuer rating assigned to Kalanga Hydro Limited (KHL) from ‘CARE-NP BB- (Is)’ to ‘CARE-NP BB (Is)’. This rating indicates that issuers are perceived to pose a moderate risk of default concerning the timely fulfilment of financial responsibilities in Nepal.
Kalanga Hydro Limited (KHL) was originally established as a private limited entity on December 20, 2007 (and transformed into a public limited company on July 14, 2021) by a consortium of individual and institutional promoters for the development of a 15.33 MW, run-of-river, Kalanga Gad Hydroelectric Project in Bajhang district, Nepal. The project is executed under the BOOT framework.
