Kathmandu, November 20 - Upper Tamakoshi Hydropower Ltd has begun the process to issue shares to the public.
After completing the construction of headrace tunnel of the Upper Tamakoshi Hydropower Project — a national pride hydropower project — the company has initiated the process of issuing shares to the public.
The company will issue 26.475 million units of shares to the public worth Rs 2.65 billion. The project submitted the application for issuing shares at Securities Board of Nepal (SEBON) — the capital market regulator — on November 16.
The project had announced the breakthrough of 8.4-kilometre-long tunnel on Sunday, which is the longest among hydropower projects in the country.
Among the aforementioned units of share, affected people from Dolakha district will get 10.59 million units worth Rs 1.059 billion.
“We have submitted our application at SEBON. If everything goes as per plan, the shares for affected people and other ordinary people will be issued in the first week and third week of January, respectively,” said Ganesh Prasad Neupane, spokesperson for the project. The company has appointed Citizen Investment Trust Merchant Bank and Sunrise Capital as issue managers to issue the shares.
Government employees have already received certain share of the project, which was issued in July of 2015. Staffers of Employee Provident Fund (EPF), Nepal Electricity Authority, Citizens Investment Trust (CIT), Rastriya Beema Sansthan and those who have their savings in EPF and CIT had received the shares.
When the project was initiated in 2011, it was supposed to have been completed by mid-July 2016. However, the deadline was postponed to mid-July 2018, as the construction of the project was delayed by a few months in the initial stage and later the project work was stalled for a year-and-a-half after the devastating earthquake of April, 2015.
Source: The Himalayan Times