Eastern Hydropower Limited (EHL) is closing the IPO issue of 6,20,000 units worth Rs. 6.2 crores to the project affected locals of Bhojpur district today.
The company has been issuing its 6,20,000 unit IPO shares to the project-affected locals of Bhojpur districts from 7th Bhadra and was supposed to conclude on Bhadra 21. However, the issue was unsubscribed and the deadline is extended till today i.e. 28th Bhadra, 2079. This is 10% of the company’s issued capital Rs. 85 crore. If the local’s issue is not subscribed fully, the remnant shares will be issued along with the allocated quantity for the public issue. After the allotment of the IPO shares, the Promoter – Public share ratio would be 80 : 20.
NMB Capital is appointed as the issue manager for the IPO issuance. Locals of Bhojpur District can apply for a minimum of 10 shares to a maximum of 1,00,000 shares.
CARE Ratings Nepal Limited (CRNL) has revised Issuer rating to ‘CARE-NP B+ (Is)’ to Eastern Hydropower Limited (EHL). Issuers with this rating are considered to have high risk of default regarding timely servicing of financial obligations in Nepal.
Eastern Hydropower Limited (EHL) is a public company, incorporated on August 4, 2017, promoted by institutional as well as individual promoters from different background. It is currently operating a 5 MW Pikhuwa Khola Small Hydropower Project (PKSHP) in run –of –river scheme located at Bhojpur district, Nepal. The project has been constructed under BOOT (Build, own, Operate and Transfer) mechanism.