Solar Farm has appointed Kumari Capital as the issue manager for the initial public offering (IPO) of 20 lakh unit shares for a 5 MW solar power project in Tanahun. The Kumari Capital is issuing around 20 lakh unit shares to the project’s impacted parties, such as Nepalese migrant labourers and the general public.
Notice Date: February 2, 2023
The solar energy production company, Solar Farm, was established in 2017. It was the first Company to sign a Power Procurement Agreement (PPA) to purchase solar energy with the Nepal Electricity Authority (NEA).
In the Shuklagandaki Municipality of Tanahun District, the Company is now operating a 5 MW solar power project. The project started producing electricity with solar energy on September 14, 2021. There are currently Rs. 45 crores in paid-up capital, Rs. 65 crores in issued capital, and Rs. 65 crore in permitted money for Solar Farm Limited.
More about Solar Farm appointing Kumari Capital as the issue manager for the initial public offering (IPO) of 20 lakh unit shares for a 5 MW solar power project in Tanahun.
Since Solar Farm Limited has issued the IPO shares, For this reason, the Company has named Kumari Capital Limited as the issue and sales manager. The Company entered into a Public Offering Agreement with Kumari Capital Limited. The contract was signed by Mr Mohan Gurung, Chairman of Solar Farm Limited, and Pushpa Sharma, CEO of Kumari Capital.
To proceed, the Company must apply to the Nepal Securities Board (SEBON). When SEBON approves, the corporation can issue the shares to the broader public. Residents of the project-affected areas will first receive allocations from the corporation. In a second phase similar to the first, the firm will issue shares to a larger public, including the Company’s employees and mutual fund plans.
The person in charge of managing the distribution of 20 lakh unit shares to those who the project may harm. Migrant workers from Nepal have given the area the appellation Kumari Capital, according to the general public. The creator of the Tanahun district’s 5 MW solar power facility. Pushpa Sharma, according to a news statement. both Mr Aash Bahadur Gurung, chairman of the power developer, and the merchant banker’s acting CEO., a program where they signed the contract.
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