Ridge Line Energy Limited will open its IPO from Poush 13, issuing shares in the first phase to project-affected local residents and Nepalis working abroad with labor approval.
Ridge Line Energy Limited is set to open the issuance and sale of its Initial Public Offering (IPO) from Poush 13, with the first phase targeted at project-affected local residents and Nepalis employed overseas. The company has received approval to issue 26 lakh 7 thousand shares worth Rs 26 crore 7 lakh, equivalent to 22 percent of its issued capital of Rs 1 arba 18 crore 50 lakh. Out of this, 11 lakh 85 thousand ordinary shares worth Rs 11 crore 85 lakh, at a face value of Rs 100 per share, have been reserved for project-affected local residents. Eligible applicants include residents of all wards of Ajirkot Rural Municipality in Gorkha district, as well as Dudhpokhari Rural Municipality wards 1, 2, and 3, and Dordi Rural Municipality wards 4, 5, and 6 in Lamjung district. Local residents can apply for a minimum of 10 shares and a maximum of 50,000 shares, with the application period running from Poush 28 at the earliest to Magh 12 at the latest.
Additionally, 10 percent of the shares allocated for the general public, amounting to 1,42,200 shares worth Rs 1 crore 42 lakh 20 thousand, have been reserved for Nepalis working abroad who have obtained labor approval from the relevant government authority. Applicants under this category may also apply for 10 to 50,000 shares, with applications open from Poush 17 to Poush 28. Care Ratings Nepal has assigned the company a CARE-NP BB issuer rating, indicating a moderate level of risk in its debt-servicing capacity. The issue and sales manager for the IPO is Prabhu Capital Limited. Nepalis working abroad can apply through the ASBA system via banks and financial institutions approved by the Nepal Securities Board, while project-affected local residents may submit applications at the Ridge Line Energy Project Office in Gorkha, Prabhu Capital Limited, Kamaladi, Prabhu Bank branches at Chepetar and Palungtar, or online through https://ipoapply.prabhucapital.com. Project-affected applicants are required to pay a Rs 2 fee for the application form.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
