The second phase of IPO issuance of Madhya Bhotekoshi Hydropower Company starts from today. The hydropower company is floating 21 lakh units for the employees of the promoter companies and 6 lakh units for the employees of the Provident Fund.
Employees of the promoter Shareholding Company and lending institute can apply for minimum 50 units and maximum 500 units while employees of EPF can apply for minimum of 50 units and maximum 1200 units.
Global IME Capital has been appointed as the issue manager while NIBL Ace Capital, Prabhu Capital, Laxmi Capital, Sanima Capital, Civil Capital and CBIL Capital have been appointed as other co-issue managers.
Applications can be placed through the banks and financial institutions providing C-ASBA services. The interested applicants must submit identification cards and employee id while applying for the shares.
CARE Ratings has issued “CARE NP IPO Grade 4+” to the issue indicating Below Average Fundamentals to the issue.
Madhya Bhotekoshi Jalavidyut Company owns 102 MW Madhya Bhotekoshi Hydropower Project in Bhotekoshi River, Sindhupalchok. The project is scheduled to start commercial operation in June 2019.
Previously Madhya Bhotekoshi had floated 1.17 crore units for the employees registered in EPF which received applications for more than 3.63 crore units.
After the allotment of first and second phase of IPO issuance, the hydropower company will be floating its shares for the locals of Sindhupalchowk district.