Kathmandu, Oct 23 . The Madhya Bhotekoshi Hydropower Company is to issue ordinary share (initial public offerings – IPOs) worth Rs 1.44 billion.
The Madhya Bhotekhosi, a subsidiary company of the Chilime Hydropower, is developing the 102 megawatt hydroelectricity project in Sindhupalchowk.
The company has decided to sell limited 14,400,000 units of ordinary share, the company said. The company was earlier granted permission by the Securities Board Nepal for so.
Project staffs, Nepal Electricity Authority (NEA) employees and employees of organizations investing in the project will be entitled to apply for the share.
The Chimile owns 37 percent share in the project while the NEA has 10 percent. Likewise, the Sindhu Bhotekoshi Hydropower Company, Sindhu Palchowk Hydropower Company, Nepal Araniko Hydropower Company and the Sindhu Investment have one percent each.
The Provident Employees’ Fund (PEF) has invested loan in the project and the PEF members, locals and mass will have a total 49 percent stake in the share. The project has so far recorded nearly 45 percent physical progress.