Bhugol Energy Development Company has released a notice regarding issuing IPO Shares to Nepalese Employee working abroad and Locals of Dailekh District from the 8th of Falgun.
Notice Date: February 15, 2023
ICRA Nepal has renewed Bhugol Energy Development Company Limited‘s issuer rating of [ICRANP-IR] B- (pronounced ICRA NP issuer rating B zero). The timely fulfillment of financial obligations represents a sizable default risk for issuers with this grade. The project’s initial debt-to-equity ratio was NPR 82:18, with a total cost of NPR 734 million (or NPR 196 million per MW), and it started conducting business on May 6, 2017, with the required COD of June 30, 2017.
The IPO issue for residents and Nepalese nationals working abroad will begin in 2079 from 8 Falgun to 25 Falgun. It should be noted that if the early closing date still needs to be met, the problem could last for people of the Dailekh District until the sixth Chaitra. However, the problem will only last through the early termination date for Nepalese nationals working abroad.
More about Bhugol Energy Development Company | Issuing IPO Shares to Locals of Dailekh District from 8th of Falgun and Nepalese Employee working abroad.
Dailekh District residents affected by the project and Nepalese nationals working overseas can apply for the Bhugol Energy Development company’s IPO Share. The company publishes an offer letter to issue an IPO for them. 10% of the company’s Rs. 54.40 crores in issued capital, or 544,053 unit shares worth Rs. 5.44 crores, have been given to Dailekh District people who the project will impact.
10,88,107 unit shares, or 20% of the company’s existing capital, will be issued later. For Nepalese nationals working abroad, 10% of the shares, or 108,811 units, of this public offering have been earmarked; the offering will start on the date above. Applications must be submitted in at least ten teams and up to 30,000 units from project-affected locals and Nepalese nationals living and working abroad. NIC Asia Capital Ltd. is the IPO’s issuing manager. The promoter-public share ratio will be 70:30 following this IPO.
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