Modi Energy Ltd has begun issuing its initial public offering (IPO) for Nepali Working overseas and project-affected locals. The Company has started giving the IPO shares to the local public, and the project affected people from March 9.
Notice Date: March 14, 2023
On November 4, 1996, Manang Trade Link Pvt Ltd was founded, which would later become Modi Energy Ltd. On May 28, 2017, the name Modi Energy Pvt Limited was subsequently awarded. The company’s legal status was converted to public limited on June 21, 2018. A 20 MW run-of-river hydropower project called Tallo Modi Khola Hydropower Plant.
The “BOOT” (Build, Own, Operate, and Transfer) construction approach is being used to build the project in the Parbat region of Nepal. It became effective on September 30, 2021.
More about Modi Energy Ltd has begun issuing its initial public offering (IPO) for Nepali Working overseas and project-affected locals.
Beginning on 25 Falgun and running through 9 Chaitra, 2079, shares of Modi Energy Ltd will be made available for purchase by Parbat District locals who will be impacted by the project and Nepalese nationals living overseas.
Residents of the Parbat District who the project might touch have been allocated 29,00,000 unit shares worth Rs. 29 crores, or 10% of the Company’s issued capital. It should be noted that if the issue is not subscribed by the early closing date for Ilam District residents, it may extend till the 24th Chaitra. But, for Nepali nationals working abroad, the issue won’t be resolved before the early closure date.
Later, 43,50,000 unit shares—or 15% of the Company’s outstanding capital—will be distributed to the general public. For Nepali nationals working abroad, 10% of the shares, or 435,000 units, are reserved in this public offering; the offering will start today.
The lowest application amount for project-affected residents is ten units, while the highest is 1000. The minimum and maximum application quantities for Nepalese nationals working abroad are 10 and 100,000, respectively. Sunrise Capital Limited was chosen as the issue manager.
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