Sanigad Hydro Limited is closing the issue of 46,74,000 units of IPO shares at a par value of Rs 100 from today, i.e., 21st Jestha, 2083. The issue was opened for the general public on 18th Jestha, 2083.
The company’s issued capital is Rs. 2.85 Arba. Of this, 30%, i.e., 85,50,000 unit shares, were issued to the public. Out of the total issue capital, 10%, amounting to 28,50,000 unit shares worth Rs. 28.50 Crores, were allocated to project-affected locals in Bajhang District. The remaining 20% of the issued capital, i.e., 57,00,000 unit shares, were for the general public. Of this general public issue, 10% of 57,00,000, a total of 5,70,000 unit shares, were allotted to Nepalese citizens working abroad.
Of the general public issue, 3%, i.e., 1,71,000 units, have been set aside for the company’s employees, and 5% of the total offered shares, i.e., 2,85,000 units, have been reserved for mutual funds. The remaining 46,74,000 units will be issued for the general public and will be closed from today.
LS Capital Limited has been appointed the issue manager for the public offering. Applications could be placed for a minimum of 10 units and a maximum of 20,000 units.
According to CDSC, 24,95,437 applicants have applied for 2,75,28,100 units. Thus, the issue has been oversubscribed 5.88 times.
ICRA Nepal has upgraded the issuer rating of Sanigad Hydro Limited (SHL or the company) to [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B Minus) from [ICRANP-IR] B+ (pronounced ICRA NP issuer rating B Plus). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Sanigad Hydro Limited (SGHL) was incorporated in December 2007 as a private limited company, and later converted into a public limited company on July 14, 2021. The company commissioned its 38.46 MW Upper Kalanga Gad hydro-electric project in Bajhang district, Sudurpaschim Province of Nepal.
