Ngadi Group Power Limited (NGPL) has proposed to offer 100% rights shares to its existing shareholders. The proposal was made during a recent Board of Directors meeting.
NGPL’s Siurikhola Small Hydropower Project, located in Lamjung District, Gandaki Province, with a capacity of 4.95 MW, has been performing well due to regular maintenance. However, additional funds are needed to maintain existing projects, settle payments, invest in new projects, attract investments, create jobs, and increase national capital.
To address this funding requirement, NGPL aims to issue rights shares in a 1:1 ratio to its current shareholders. This will increase the company’s paid-up capital from Rs. 1.85 Arba to Rs. 3.7 Arba.
Approval from the Electricity Regulatory Commission and subsequent endorsement at the Annual General Meeting (AGM) are necessary for the issuance of the rights shares.
NGPL had previously issued 150% rights shares to its shareholders.
As of July 02, NGPL shares were trading at Rs. 241.
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