Kathmandu, Jan. 23:
Butwal Power Company Limited will float Further Public Offering (FPO) of 40.81
million unit shares worth Rs. 408.1 million from January 29.
The company aims to
collect Rs. 2.045 billion from the FPO.
Each unit of share is
priced at Rs. 501 that includes the unit price of Rs. 100 and a premium of Rs.
401.
Of the total money
collected from the FPO, Rs. 408.1 million, collected as the basic value of the
shares, will be mobilised as capital while the rest, Rs.1.636 billion, will go
to the company fund.
According to the
company, the investors can apply for a minimum of 10 units to a maximum of
20,400 shares, and the FPO will open till February 2.
NMB Capital Limited and
Laxmi Capital are the issue managers of the FPO.
The BPC plans to use
the money collected from the FPO in developing the 37.6 MW Kabeli – A
Hydropower Project and 30 MW Nyadi Hydropwer Project, where the company has a 54
per cent and 97 per cent stake respectively.
It has completed the
financial closure of Kabeli-A, which includes signing of a loan agreement with
the International Finance Corporation (IFC), financing agreement and project
agreement with the World Bank and subsidiary loan agreement with Hydropower
Investment and Development Company Limited (HIDCL).
It has also completed the
financial closure of Nyadi.
After the upgradation
of the 9.5 MW Andhikhola Hydropower plant, the company has been generating
132.96 GWh of electricity, a 13.40 per cent increase as compared to the past
years.
Currently, the BPC owns
Andhikhola and 12 MW Jhimruk Hydroelectricity Project.
The company earned Rs.
575.9 million in net profit in FY 2015/16, which is 20 per cent higher than the
previous year.
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