Pure Energy Limited is set to offer 11,95,200 IPO shares at a nominal value of Rs. 100 starting from the 28th of Chaitra, 2081. The initial closing date for this offering is the 2nd of Baisakh, 2082, with the possibility of extension up to the 11th of Baishakh, 2082 if the issue does not reach full subscription.
The company boasts an issued capital of Rs. 80 Crore, of which 2% (1,60,000 unit shares valued at Rs. 1.60 Crore) is designated for local residents impacted by projects in the Banke District. Additionally, 18% of the total capital, translating to 14,40,000 unit shares, will be made available to the general populace starting on 28th Chaitra. Among this public offering, 10% (1,44,000 unit shares) has been reserved for Nepalese citizens working overseas.
From the total of 14,40,000 units, 72,000 (5% of 14,40,000) have been earmarked for mutual funds, while 28,800 (2% of 14,40,000) units are allocated for the company’s employees. The remaining 11,95,200 units will be opened for the general public from 28th Chaitra, 2081.
Nabil Investment Banking Limited has been appointed as the issue manager. Investors can apply for a minimum of 10 units and a maximum of 1,00,000 units.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB+ (Is)’ to Pure Energy Limited (PEL). This rating indicates a moderate potential risk of default in terms of timely fulfillment of financial obligations within Nepal. Furthermore, CRNL has upgraded the rating for PEL’s long-term banking facilities to ‘CARE-NP BB+’ from ‘CARE-NP BB’.
Pure Energy Ltd (PEL) was founded on June 19, 2018. It is supported by individual promoters affiliated with the Golyan group and REnergo Developers Pvt Ltd. The company’s goal is to establish a 20 MW grid-connected solar photovoltaic (PV) project in the Raniyapur Village Development Committee, situated in the Banke district of Nepal. Both solar projects are currently operational.
