The Securities Board of Nepal (SEBON) has granted approval to Reliance Spinning Mills for issuing its initial public offering (IPO).
SEBON’s approval follows a prior decision of the Patan High Court, which had issued a mandamus order in favor of the company in relation to the dispute over the IPO suspension. Based on the court’s directive, SEBON has formally instructed Global IME Capital to proceed with the public issuance process.
In a letter sent on Tuesday to the issue and sales manager, Global IME Capital Limited, SEBON stated that the approval must be processed in accordance with the Patan High Court’s order dated 2081 Asar 12. The letter mentions that the court ordered the concerned authorities to take necessary legal steps to facilitate the company’s share issuance. SEBON has accordingly informed the manager to move forward with the public issuance procedures.
Reliance Spinning Mills is a major industry under the Golyan Group. The company is currently led by Akshay Golyan, representing the group’s third generation of leadership.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
