Pure Energy Limited has distributed IPO shares to the locals impacted by the project in Banke District and to Nepali expatriates. The share allocation event wrapped up on 15th Chaitra, 2081.
The firm’s authorized capital stands at Rs. 80 Crore, with 2% — equivalent to 1,60,000 unit shares valued at Rs. 1.60 Crores — designated for the locals affected by the Banke District project. Additionally, 18% of the company’s authorized capital, which amounts to 14,40,000 unit shares, will be provided later for the general populace. Within this public offering, 10% of the shares, which amounts to 1,44,000 unit shares, were allocated to Nepalese workers abroad from 20th Falgun to 5th Chaitra, 2081.
According to the allotment system, the issue garnered a total of 2,452 applications for 160,000 units from the project-impacted locals of Banke district, while there were 14,400 applications for 144,000 units from the foreign Nepali workforce. In total, 144,000 units were distributed among 14,400 legitimate applicants, with each foreign Nepali employee receiving 10 units.
Nabil Investment Banking Limited has been designated as the issue manager. The minimum xapplication size for the locals impacted by the project was 10 units, while the maximum was 16,000 units. Likewise, for Nepali citizens abroad, the minimum application size was also 10 units, and the maximum was 7,200 units.
CARE Ratings Nepal Limited (CRNL) has given an issuer rating of ‘CARE-NP BB+ (Is)’ to Pure Energy Limited (PEL). Those with this rating are viewed as having a moderate risk of default regarding the timely fulfillment of financial commitments in Nepal. CRNL has also updated the long-term bank facility rating for PEL to ‘CARE-NP BB+’ from ‘CARE-NP BB’. Pure Energy Ltd (PEL) was founded on June 19, 2018. It is supported by individual promoters linked to the Golyan group and REnergo Developers Pvt Ltd.
The company’s mission centers around the setup of a 20 MW grid-connected solar photovoltaic (PV) project in the Raniyapur Village Development Committee, situated in Banke district, Nepal. Both solar initiatives are currently operational.
