Maya Khola Hydropower Company has received prior approval from the Electricity Regulatory Commission to issue 100 percent right shares worth Rs. 1 Arba.
Maya Khola Hydropower Company is set to issue 1 crore units of right shares. The company received prior approval from Electricity Regulatory Commission to issue 100 percent right shares in a 1:1 ratio on its current paid-up capital of Rs. 1 Arba.
Decision from the AGM
The decision to issue these 1:1 right shares was made during company ninth annual general meeting. Following the decision, the proposal was submitted to the commission, which has now approved the issue of 1 crore units of right shares worth Rs. 1 Arba.
Paying Off Bank Loans
Currently, the company operates a 14.90 MW Maya Khola Hydropower Project located in Sankhuwasabha. Maya Khola Hydropower will use the money raised from this right issue to pay off its loans taken from consortium banks.
According to the commission, the total outstanding loan of company in various banks is Rs. 2 Arba 42 Crore 15 Lakh 1 Thousand 517 and 9 Paisa. The regulator has instructed the company to pay off its debt using the right share money and send proof within 15 days of the payment.
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