Bunglal Hydro Limited Extends IPO Application Deadline for Local Residents, Aiming to Boost Hydropower Development
Bungal Hydro Limited has extended the IPO application deadline for local residents of the project area until Shrawan 26, while applications from Nepalese working abroad remain open only until Shrawan 11.
ShareSanskar | Shrawan 11, 2082
Bungal Hydro Limited has announced an extension in the application period for its Initial Public Offering (IPO) that was initially opened on Ashad 29. The extension specifically applies to the local residents of the project-affected areas, while Nepalese working abroad remain eligible to apply only until Shrawan 11.
The company had issued shares worth NPR 83 million at a face value of NPR 100 per share for local residents in the project-affected region. Additionally, shares worth NPR 27.75 million were made available for Nepalese expatriates. The total authorized capital for the share issuance was NPR 830 million, with 35% of this amount, equivalent to NPR 295 million or 2.95 million shares, approved by the Securities Board of Nepal (SEBON).
The application deadline for local residents has been extended until Shrawan 26 due to insufficient applications received so far. However, if the company obtains adequate applications before this date, the IPO may close earlier. Meanwhile, foreign workers must submit their applications by Shrawan 11, as the deadline remains unchanged for them. Investors must apply for a minimum of 10 shares and can apply for up to 20,000 shares.
Bungal Hydro Limited operates the 10.70 MW Upper Sanigad Hydropower Project, which was constructed at a total cost of NPR 320.36 crore, with a per megawatt cost of approximately NPR 28.25 crore. Himalayan Capital Limited serves as the issue and sales manager for the IPO.