Ankhu Khola Hydropower issues 150% right shares

KATHMANDU, AUGUST 11: Ankhu Khola Hydropower Company Ltd. has issued 150% right shares starting today. The company will be selling 150% right shares to the shareholders as of Ashad 31.

Since the company closed its book on Shrawan 1 for the purpose of right shares, only the shareholders as of Ashad 31 are eligible to purchase the right shares. Based on the current paid-up capital of Rs. 800 million, the company is issuing 12 million units of right shares with a face value of Rs. 100 per share.

After the issuance and allotment of 150% right shares, the paid-up capital of the company will be Rs. 2 billion. Nabil Investment Banking Ltd. is the issue manager for the issuance and sale of the right shares. Applications can be submitted through the issue manager as well as all the ASBA participating banks and financial institutions and their designated offices.

Applications might also be submitted through Mero Share. In the rating done for the purpose of issuing the right shares, ICRA Nepal has assigned the company an ICRA NP Issuer B- rating, indicating a high risk in terms of the company's ability to meet its financial obligations in a timely manner.

The company has not yet published its financial statement for the fourth quarter of the last fiscal year. As of the third quarter of the last fiscal year, the company made a profit of more than Rs. 2.57 million. During that period, the company had earned more than Rs. 14 million from the sale of electricity.

As of the third quarter, the company had liabilities of more than Rs. 1.32 billion, while its assets were more than Rs. 1.88 billion. During this period, the company's earnings per share were 43 paisa and net worth per share was Rs. 69.