The IPO allotment for Project-Affected Locals of Solukhumbhu District by Beni Hydropower Project Limited was concluded today, 24th Baishakh, 2083.
The issued capital of the company is Rs. 1.04 arba. Of this, 20%, i.e., 20,80,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 10,40,000 unit shares worth Rs. 10.40 Crores, will be allocated to project-affected locals of the Solukhumbhu district. The remaining 10% of the issued capital, i.e., 10,40,000 unit shares, will be offered to the general public. Of this general public issue, 10%, a total of 1,04,000 unit shares, were allotted for the Nepalese citizens working abroad.
Under the severely affected category, a total of 2,839 valid applications were received for 958,410 units, while 420 applications seeking 52,100 units were rejected. Similarly, the affected category recorded 6,349 valid applications for 840,890 units, whereas 1,078 applications for 107,230 units were deemed invalid. In the slightly affected category, 21,945 valid applications were submitted for 1,313,420 units, while 342 applications for 38,090 units were disqualified.
As per the allotment module, 1,275 applicants under the severely affected category who had applied for 10 to 200 kitta were allotted shares as requested, amounting to 192,360 units. Likewise, 1,564 applicants seeking 210 to 5,000 kitta each received 200 units, totalling 312,800 units, while an additional 1,484 applicants in the same category were allotted 10 units each.
Similarly, in the affected category, 2,000 applicants applying for 10 to 50 kitta received shares according to their demand, totalling 94,090 units. Another 4,349 applicants who had applied for 60 to 3,000 kitta each were allotted 50 units, amounting to 217,450 units, while 46 more applicants in the same category received 10 units each. Under the slightly affected category, 20,800 applicants were allotted 10 units each, according to the allotment module.
Allotment Module:
NMB Capital Limited has been appointed the issue manager for the public offering. For project-affected locals, the minimum application quantity is 10 units, and the maximum is 10,000 units.
ICRA Nepal has upgraded the issuer rating of Beni Hydropower Project Limited (BEPL/the company) to [ICRANP-IR] BB+ (pronounced ICRA NP Issuer Rating Double B Plus) from [ICRNAP-IR] BB (pronounced ICRA NP Issuer Rating Double B). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations
Beni Hydropower (P.) Ltd is a hydropower development company founded in 2016. The company is developing the Upper Solu Khola Hydropower Project, a run-of-river type project with a licensed capacity of 18 MW. The project is located in Beni (Salleri), Solukhumbhu district of Nepal. The project is currently under construction.
