Hydroelectricity Investment and Development Company Limited (HIDCL) has opened the issue and sale of rights shares from July 20. HIDCL has issued one unit of shares equal to one unit of existing shares (1:1 ratio).
Accordingly, HIDCL has issued 110 million units shares at the face value of Rs 100, equivalent to Rs 11 billion. HIDCL had book-closed the shares on June 11 for the rights issue. Accordingly, only the shareholders of HIDCL, which has been traded on Nepse till June 10, will be able to apply for the rights.
Global IME Capital Limited is the sales manager of HIDCL. Applications for the rights can be made from the designated branch offices of Global IME Capital, Global IME Bank. In addition, banks and financial institutions with ASBA permission from the Securities and Exchange Board will be able to apply through MeroShare software till August 10.
Credit rating agency Care Rating Nepal has given the company a Care NP single-A minus IS rating. This indicates an adequate assurance of regular repayment of financial obligations and low credit risk.
The paid-up capital of HIDCL, which is currently Rs. 11 billion, will reach Rs. 22 billion after rights issue and distribution.
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