Singati Hydro Energy Limited Extends Deadline to Issue IPO for Local

Singati Hydro Energy Limited Extends Deadline to Issue IPO for Local:

Singati Hydro Energy Limited, which is under construction in Kalinchowk and Bigu Rural Municipality of Dolakha, has extended the deadline to IPO (Initial Public Offering) for issuing shares to the locals of the affected areas.

Singti Hydro Energy Limited had issued ordinary shares in Singti Hydro for the locals of the affected areas from Magh 4 to Magh 18. In the first phase, the company has extended the deadline from Sunday to 15 days saying that the locals have too much left to fill the shares.

Citizens of the affected areas of Kalinchowk Rural Municipality and Bigu Rural Municipality have extended the deadline to apply for shares till the next Falgun 2, the company said. The company had issued 1.45 million shares at the face value of Rs 100 each. The company has stated that locals can apply for a minimum of 10 lots to 200,000 lots.

As there is an arrangement to apply till the 18th of Magh, the time has been extended so that the application can be made till the 2nd of Falgun as there are different areas including Kathmandu.

The 25 MW hydropower project constructed in Dolakha has allotted 30 percent shares of the company to the locals and general public in the affected areas.

The company has stated that it is preparing to issue shares to the public as soon as the shares are distributed to the locals of the affected areas. The company has appointed Megha Capital as the sales manager for the issue and distribution of shares. Mega Capital, the manager of share issue and sale of the project, has made arrangements at Singati, Babare and other project sites of the district to give shares to the locals.