Rairang Hydropower Development Company Limited will be floating 8.40 lakh units Initial Public Offering (IPO) shares worth Rs 8.40 crore to the general public.
Ace Capital Limited has been assigned as the issue manager for the IPO.
It had issued 5.60 lakh unit IPO shares to the locals of Taplejung and Panchthar (project affected areas) from Jestha 25 to Ashad 8, 2074.
Rairang Hydropower Development Company Limited operates 500 KW Rairang Hydroelectric Project in Dhading district. It is developing 9.90MW Iwakhola Hydroelectric Project in the border of Taplejung and Panchthar districts. The company has projected commercial operation of the 9.90 MW project before 2074 Magh end.
The authorized capital of the hydropower company is Rs 1 arba. Its paid up capital is currently Rs 42 crore. After IPO for locals and general public, its paid up capital will reach Rs 56 crore. Promoters will own 75% of the company, locals of project-affected area will own 10% and general public will own 15% after the IPO.