Upper Richet Hydropower Private Limited, a company with an installed capacity of 2 megawatts, has announced plans to issue shares to the public through an Initial Public Offering (IPO). For this purpose, the company has appointed RBB Merchant Banking Limited as the issue and sales manager.
The agreement related to the IPO issuance was signed on Monday. The agreement was signed by Anand Pradhan, Executive Chairman of Upper Richet Hydropower, on behalf of the company, and Badriprasad Pyakurel, Chief Executive Officer of RBB Merchant Banking Limited, on behalf of the merchant banker.
The company plans to issue 20 percent of its paid-up capital to the public. Based on the current paid-up capital of Rs. 40 crore, this amounts to Rs. 8 crore, equivalent to 800,000 ordinary shares to be offered through the IPO. The company has stated that it will soon be converted into a public limited company and has already initiated the credit rating process required for the IPO.
According to the company, the IPO is targeted to be issued within the months of Shrawan–Bhadra. Upper Richet Hydropower has already started electricity generation from Bhadra 2081. The hydropower project is located in Dharche Rural Municipality, Gorkha district.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
