Molung Hydropower Company’s IPO Allotment shared that On the 24th, Magh, shares are given to locals impacted by the project and Nepalese working abroad.

Notice Date: February 13, 2023

ICRA Nepal has updated the issuer rating of Molung Hydropower Company Limited to [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B). For issuers with this grade, there is a slight risk of default due to the rapid servicing of financial obligations.

Molung Hydropower Company's IPO Allotment On the 24th Magh, shares are given to locals impacted by the project and Nepalese working abroad

10%, or 8,02,500 unit shares, worth Rs. 8.02 crores, of the company’s Rs. 80.25 crores in issued capital were given to Okhaldhunga District people affected by the project. The general public will get 27,28,500 unit shares, or 34% of the company’s issued capital, beginning in Falgun 04 in the interim.

More about Molung Hydropower Company’s IPO Allotment

Molung Hydropower Company Limited’s IPO Allotment. The project’s residents and Nepalese citizens working abroad have received IPO shares from Molung Hydropower Company Limited. The allotment scheme ended on the 24th of Magh in 2079. The non-allottee applicant would start getting their money back on March 29th, 2079.

See also  Molung Hydropower Company Limited IPO Results & Allocation

For Nepalese nationals working abroad, 10% of the shares, or 272,850 units, of this public sale were set aside. While the problem for the project’s affected people ended on Magh 15, 2079, this one started on Poush 19 and lasted until the third of Magh. The company formally announced that the issued units were allocated to the qualified applicants on Magh 24 following the notification published today.

The Molung Gaupalika’s Ward 1-8 had demanded a quantity of 1807 candidates to apply for 10 to 800 units, whereas 120 applicants requested 900 to 1000 units out of 820 units. The Sunkoshi Gaupalika Wards 1-8 demanded a quantity of 330 units to 1407 individuals for ten units. Ten different teams were given to the lucky 88 candidates who had submitted applications for 350 units to 1000 units.

Moreover, Siddicharan Nagarpalika Wards 1- 10’s 460 candidates got ten extra units who had applied for 190 to 1000 units.

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