Rasuwagadhi, Sanjen issuing IPOs, EPF members to be in priority

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KATHMANDU — Two hydropower projects under the subordination of the Chilime Hydropower Company Limited are issuing the Initial Public Offerings (IPOS).

The Rasuwagadhi Hydroelectric Project and Sanjen Hydroelectric Project are to issue ordinary shares, according priority to members of the Employees Provident Fund (EPF) and employees of investment companies.

The Rasuwagadhi is to issue over 10 million units of share in the first phase. The 111-megawatt project based near the Nepal-China border in Rasuwa is under the construction phase.

The Chilime Company would have 33 percent share, the Nepal Electricity Authority (NEA) 18 percent, Nepali citizens 15 percent, locals 10 percent, EPF 19.5 percent and others would own 4.5 percent share in this project.

The company in last April had applied for the permission from the Securities Board of Nepal to issue share, according to project chief Madhav Koirala. Siddhartha Capital, NIBL Capital, Global IME Capital and NCM Merchant Banking Limited are the company’s sales promoters.

Chilime’s auxiliary company Sanjen is preparing to issue over 8.7 million units of ordinary share in the near future. It has chosen the Citizen’s Investment Trust as its issue promoter. The 14.8 MW upper Sanjen and 42.4 Sanjen Hydro Power Project are currently under construction. RSS