Rising Hydropower Pvt. Ltd. has designated Muktinath Capital Limited as the manager for its forthcoming Initial Public Offering (IPO). A mutual agreement was recently executed between the two entities, signifying a significant milestone in the company’s evolution into a public limited organization.
The contract was endorsed by the chairman of Rising Hydropower and the CEO of Muktinath Capital. In the role of issue manager, Muktinath Capital will handle all aspects surrounding the IPO—from regulatory oversight to share distribution—ensuring adherence and effectiveness.
Founded on Falgun 22, 2062 BS, Rising Hydropower has been actively involved in producing clean energy. Its 990-kW Selang Khola Small Hydropower Project, situated in Sindhupalchowk, produces 6.77 GWh of electricity each year and has been supplying power to the national grid since Bhadra 2, 2081 BS.
The company has recently opted to transform into a public limited company under the name “Tenax Hydro Holdings Limited,” as sanctioned in its AGM on Chaitra 27, 2081 BS. An application has already been filed with the Office of the Company Registrar.
The company aims to issue shares to the public within FY 2082/83 and increase its paid-up capital to Rs. 40 crores. It also plans to encourage investment in five new hydropower projects as part of its growth strategy.
