Shiv Shree Hydropower permission to release IPO

Shiv Shree Hydropower permission to release IPO
Shiv Shree Hydropower permission

Kathmandu: Shiv Shree Hydropower has obtained permission from the Nepal Securities Board to issue primary shares Initial Public offering (IPOs) in public. The board has also allowed the sale of 33,51,140 shares of IPO at a rate of Rs 100 each, including shares not sold in the project affected locality. The company had earlier disposed of 14,76,000 shares to the locals in the project-affected area since January 11, 2019 adding that the sale of shares worth Rs.  Siddhartha Capital Limited is the company’s IPO removal and sales manager. Credit rating company Care Ratings Nepal has given ‘Grade 4’ rating to IPO issued by Shiv Shree Hydropower. This shows that the company’s basic position is weaker than average. The proceeds from the sale of ordinary shares will be utilized in the construction of the remaining 22.2 MW Chaku Khola A Hydropower Project in Sindhupalchowk and the rest of the structure will be used for payment of loan taken by the bank, the company said. The paid-up capital of the company, which is building a Chaku “A” hydropower project in Sindhupalchowk, is at Rs 1,10,73,00,000 paid of capital. Shiv Shree Hydropower permission.

The electricity generated from the project will be connected to the long-range substation of the Nepal Electricity Authority by constructing a 22 km 132 kV transmission line from the switchyard to Prangratar VDC. The project’s power generation permit will remain in force until two and half years. An agreement has been signed with Nepal Electricity Authority to buy electricity from the project. The agreement will remain for a period of 30 years from the date of commercial power generation or the period for which the power generation permit is reduced. According to the sales agreement, the agreement was signed at the rate of Rs 4 per rainy season and Rs 7 in winter. It is agreed to increase prices by 3 percent for each fiscal year, based on the business production date. Shiv Shree Hydropower permission.

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