Tag: Energy
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Rawa Energy Development Limited IPO Allotment and Project Details
The IPO allotment process of Rawa Energy Development Limited, a hydropower company, has been completed at the premises of Prabhu Capital Limited in Kathmandu. The company issued 6,43,667 units worth Rs. 6.43 crores as an Initial Public Offering (IPO) to the general public between Jestha 18 and 22, 2080.
Prior to the IPO, 2,80,000 units worth Rs. 2.8 crores were allocated to project-affected locals of Khotang District. However, only 31.2% of the applicants were allotted shares, leaving 192,330 unsubscribed units. These shares were combined with 560,000 units (20% of the issued capital reserved for the general public), resulting in a total of 752,330 units available for the general public.
Among the 752,330 units, 56,000 units were issued to Nepalese citizens working abroad, 37,616 units were reserved for mutual funds, and 15,047 units were allocated to company employees. The remaining 643,667 units were offered to the general public.
The IPO received an overwhelming response, with 10,77,740 valid applicants applying for a total of 11,564,590 units, resulting in an oversubscription rate of over 17.96 times. Through a lottery system, 64,366 applicants were allotted 10 units each, while seven lucky applicants received an additional unit. Unfortunately, the remaining 10,13,374 applicants were not allotted any shares.
Additionally, 37,616 units were allotted to mutual funds, and 15,047 units were allocated to company employees. However, 1,07,466 applicants, who had applied for 14,21,800 units, were disqualified by CASBA members due to reasons such as duplicate applications for the local issue and foreign employment.
CARE Ratings Nepal Limited (CRNL) has assigned Rawa Energy Development Limited an issuer rating of ‘CARE-NP BB (Is)’, indicating a moderate risk of default in terms of timely financial obligations in Nepal.
Rawa Energy Development Ltd, initially incorporated as a private limited company on August 16, 2009, and later converted to a public limited company on June 28, 2019, is promoted by experienced individuals in the hydropower and other sectors. They have successfully operated the 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) in Khotang District since September 20, 2020. The project was constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
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Rawa Energy Development Limited’s IPO Allotment Oversubscribed 19.82 Times, Set for Tuesday
The IPO allotment of Rawa Energy Development Limited is scheduled to take place on Tuesday, 30th Jestha, 2080. The allotment program will be conducted at the premises of Prabhu Capital Limited, located in Kamaladi, Kathmandu, at 4 pm. The company had offered 643,667 unit shares with a face value of Rs 100 to the general public. Out of the total shares available, 56,000 units were specifically allocated to Nepalese citizens working abroad, while 37,616 units were set aside for mutual funds. Additionally, 15,047 units were reserved for the company’s employees, leaving the remaining 643,667 units open for the general public.
According to data provided by CDSC (Central Depository System and Clearing Limited), the IPO received a significant response, with approximately 1,165,526 applications submitted, requesting a total of 12,761,480 units of shares by the closing day. This indicates that the IPO was oversubscribed by an impressive 19.82 times in terms of the number of units applied for by ordinary applicants.
Analyzing the data, it becomes evident that out of the numerous applications received, only 64,366 fortunate applicants will be granted ownership of the company through the IPO allotment process.
In terms of issuer ratings, CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited. This rating indicates that issuers with such a rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations within Nepal
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Rawa Energy Development Limited to Conduct IPO Allotment, Oversubscribed by 19.82 Times
Rawa Energy Development Limited is set to conduct the IPO allotment on Tuesday, 30th Jestha, 2080. The allotment program will take place at the premises of Prabhu Capital Limited, the issue manager, located in Kamaladi, Kathmandu, at 4 pm.
During the IPO, the company had issued a total of 643,667 unit shares with a face value of Rs 100 to the general public. Out of the overall 752,330 units available, 56,000 units were allotted to Nepalese citizens working abroad, 37,616 units were reserved for mutual funds, and 15,047 units were allocated for the company’s employees. The remaining 643,667 units were open to the general public.
As per data provided by CDSC (Central Depository System and Clearing Limited), the IPO received approximately 1,165,526 applications, requesting a total of 12,761,480 units of shares by the closing day. This indicates that the IPO was oversubscribed by 19.82 times in terms of the number of units applied for by ordinary applicants.
Considering the data, it can be concluded that only 64,366 fortunate applicants will be allotted shares and become owners of the company.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited. This rating suggests that issuers with such a rating have a moderate risk of default regarding the timely servicing of financial obligations within Nepal.
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Rawa Energy Development Limited Concludes IPO of 643,667 Unit Shares
Rawa Energy Development Limited has announced the closure of its Initial Public Offering (IPO) for the issuance of 643,667 unit shares with a face value of Rs. 100 per share. The IPO was opened on 18th Jestha, 2080 and will conclude on 22nd Jestha, 2080.
Previously, the company had allocated 2,80,000 unit shares worth Rs. 2.8 crores to the project-affected locals of Khotang District. However, only 87,370 units were allotted to valid applicants, leaving 192,330 units unsubscribed. These unsubscribed shares, along with 560,000 units (20% of the issued capital reserved for the general public), make up a total of 752,330 units available for the general public.
Out of the total 752,330 units, 56,000 units have been issued and allotted to Nepalese citizens working abroad, 37,616 units have been set aside for mutual funds, and 15,047 units have been reserved for employees of the company. The remaining 643,667 units are available for the general public.
The company aims to raise Rs. 6.43 crore through this IPO. Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance, and interested applicants can apply for a minimum of 10 units and a maximum of 10,000 units.
As of yesterday evening, the issue has already received a significant oversubscription. According to CDSC, a total of 869,645 applicants have applied for 95,86,400 units, indicating an oversubscription of 14.89 times.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited. This rating signifies a moderate risk of default in the timely servicing of financial obligations in Nepal.
Rawa Energy Development Ltd, incorporated on August 16, 2009, as a private limited company and later converted to a public limited company on June 28, 2019, is promoted by individuals with extensive experience in the hydropower and other sectors. The company operates the 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) in Khotang District, which has been in commercial operation since September 20, 2020. The project follows the BOOT (Build, Own, Operate, and Transfer) mechanism.
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Rawa Energy Development Limited Launches IPO Offering of 643,667 Shares to Raise Rs. 6.43 Crore
Rawa Energy Development Limited has announced the opening of its initial public offering (IPO) of 643,667 unit shares with a face value of Rs. 100 per share. The IPO subscription period begins on 18th Jestha, 2080 and ends on 22nd Jestha. In the event of undersubscription, the closing date may be extended until 32nd Jestha, 2080.
Previously, the company had issued 280,000 unit shares worth Rs. 2.8 crores to project-affected locals in Khotang District. However, only 87,370 units were allotted to valid applicants, leaving 192,330 units unsubscribed. These remaining shares, along with 560,000 units (20% of the issued capital) reserved for the general public, make up a total of 752,330 units available for the general public.
Out of the total 752,330 units, 56,000 units have already been issued and allotted to Nepalese citizens working abroad, while 37,616 units have been set aside for mutual funds, and 15,047 units have been reserved for the company’s employees. The remaining 643,667 units are offered to the general public.
The company aims to raise Rs. 6.43 crore through this IPO. Prabhu Capital Limited has been appointed as the issue manager for the IPO, and interested applicants can apply for a minimum of 10 units and a maximum of 10,000 units.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited. This rating suggests a moderate risk of default in terms of timely financial obligations in Nepal.
Rawa Energy Development Ltd, initially incorporated as a private limited company on August 16, 2009, later converted to a public limited company on June 28, 2019. The company is promoted by experienced individuals in the hydropower and other sectors, with a focus on developing hydroelectric projects in Nepal. The company’s flagship project is the 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) in Khotang District, which has been in commercial operation since September 20, 2020. The project follows the BOOT (Build, Own, Operate, and Transfer) mechanism.
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Rawa Energy Development Limited Launches IPO Offering 643,667 Unit Shares for Public Subscription
Rawa Energy Development Limited has initiated the issuance of 643,667 unit IPO shares, with a face value of Rs 100 per share, starting from today, the 18th of Jestha, 2080. The IPO is set to conclude on the 22nd of Jestha, and if the subscription falls short, the deadline may be extended until the 32nd of Jestha.
In the past, the company allocated shares worth Rs. 2.8 crores to project-affected locals in the Khotang District. However, only 31.2% of the shares, amounting to 87,370 units, were allotted to eligible applicants. Consequently, the remaining 192,330 units of unsubscribed shares from the project-affected locals are now combined with 560,000 units, which represents 20% of the issued capital and is reserved for the general public. This brings the total number of shares available for the general public to 752,330 units.
Out of the total shares, 56,000 units have already been issued and allocated to Nepalese citizens working abroad, while 37,616 units have been set aside for mutual funds, and 15,047 units are reserved for the company’s employees. The remaining 643,667 units are now made available for the general public to participate in the IPO.
The company aims to raise a total of Rs 6.43 crore from this IPO. Prabhu Capital Limited has been appointed as the issue manager to oversee the IPO process. Interested investors can apply for a minimum of 10 units and a maximum of 10,000 units.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited, indicating a moderate risk of default in terms of fulfilling financial obligations in Nepal.
Rawa Energy Development Ltd is a public limited company that was initially incorporated as a private limited company on August 16, 2009, and subsequently converted to a public limited company on June 28, 2019. The company is promoted by experienced individuals with a strong background in the hydropower sector and other industries. Their focus is on establishing Hydroelectric Projects (HEP) in Nepal. The company currently operates the Upper Rawa Khola Small Hydropower Project (URKHP) with a capacity of 3 MW in the Khotang District. The project has been in commercial operation since September 20, 2020, and was constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
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Rawa Energy Development Limited Announces Initial Public Offering (IPO) for General Public
Rawa Energy Development Limited has recently announced its plan to issue an Initial Public Offering (IPO) to the general public. The company aims to issue 6,43,667 unit shares with a face value of Rs 100, starting from 18th Jestha, 2080. The goal of this IPO is to raise Rs 6.43 crore. The closing date for the IPO is initially set for 22nd Jestha, with the possibility of extension until 32nd Jestha, 2080 if the issue is not fully subscribed.
Previously, the company had issued 2,80,000 unit shares worth Rs. 2.8 crores to project-affected locals in Khotang District. However, only 31.2% of these shares were allotted to valid applicants, leaving 192,330 unsubscribed shares. These unsubscribed shares, along with 560,000 units (20% of the issued capital reserved for the general public), make a total of 752,330 units available for the general public to apply for.
Out of the total 752,330 units, 56,000 units have already been issued and allotted to Nepalese citizens working abroad, while 37,616 units have been set aside for mutual funds, and 15,047 units have been reserved for employees of the company. The remaining 643,667 units are open for application by the general public.
The majority of shares, 70% to be precise, are held by the promoter shareholders of Rawa Energy Development Limited. Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance, and interested investors can apply for a minimum of 10 units and a maximum of 10,000 units.
CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (Is)’ to Rawa Energy Development Limited, indicating a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Rawa Energy Development Ltd is a public limited company that was originally incorporated as a private limited company on August 16, 2009, and later converted to a public limited company on June 28, 2019. The company is promoted by individuals with extensive experience in the hydropower sector and aims to establish hydroelectric projects in Nepal. Their existing project, the 3 MW Upper Rawa Khola Small Hydropower Project (URKHP) located in Khotang District, has been in commercial operation since September 20, 2020. The project was developed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
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Liberty Energy Company Limited Reports Net Loss in Q3
Liberty Energy Company Limited (LEC) has released its third-quarter report for the fiscal year 2079/80, revealing a net loss of Rs. 7.99 crores. In the corresponding quarter of the previous fiscal year, the company had incurred a loss of Rs. 1.99 crores.
The financial expense for LEC amounted to Rs. 14.17 crores, which the company attributed to various force majeure events occurring during the construction period. These events have adversely affected the company’s profitability.
On the positive side, LEC generated revenue of Rs. 13.11 crores from the sale of electricity. Additionally, the company’s administrative and other operating expenses have significantly decreased by 65.23%, reducing to Rs. 57.05 lakhs up to the third quarter of the current fiscal year.
LEC maintains a paid-up capital of Rs. 1.50 Arba. However, the company’s financial performance is reflected in its negative earnings per share (EPS) ratio of -5.33 and a below-average net worth per share of Rs. 83.03.
At the end of the third quarter of FY 2079/2080, the closing price of LEC’s shares stood at Rs. 270.
The Upper Dordi “A” Hydropower Project, owned by LEC and located in Lamjung district, has been in continuous operation during the third quarter. As per the implementation of Nepal Financial Reporting Standards (NFRS), all overhead costs not directly attributable to the project or its construction have been transferred to the profit or loss account, resulting in a negative EPS. The commercial operation of the project began in Mangsir, 2079.
LEC has also completed the feasibility study and Initial Environmental Examination (IEE) for other projects, namely the Badigad Khola Hydropower Project (24.6 MW) in Baglung and the Lodo Hydropower Project (1.6 MW) in Lamjung. The company has applied for the generation license at the Department of Electricity Development (DOED) for these projects.
During the 13th Annual General Meeting (AGM) held on Baisakh 25, 2080, under the leadership of Mr. Kush Kumar Joshi, the chairman of the company, LEC’s proposal to issue 50% of right shares worth Rs. 75 crores to existing shareholders was approved.
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Rawa Energy Development Limited Successfully Allots IPO Shares to Project-Affected Locals in Khotang District
Rawa Energy Development Limited has successfully completed the allotment of IPO (Initial Public Offering) shares to project-affected locals of the Khotang District. The allotment program concluded on 1st Jestha, 2080.
The company’s total issued capital is Rs. 28 Crores, out of which 10%, equivalent to 2,80,000 unit shares worth Rs. 2.8 crores, were specifically allocated to project-affected locals of the Khotang District. The IPO had opened for subscription on 23rd Chaitra, 2079, with the original closing date set for 7th Baisakh, 2080. However, since the IPO did not receive full subscription by the initial closing date, the deadline was extended until 24th Baisakh, 2080. During the subscription period, locals had the opportunity to apply for a minimum of 10 shares and a maximum of 10,000 shares.
According to the notice published today, Rawa Energy Development Limited has confirmed that the allotted units have been assigned to valid applicants on 1st Jestha, 2080. This completion of the allotment process marks an important step in involving project-affected locals from the Khotang District in the company’s operations.
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Modi Energy Limited IPO Allotment Concludes: Lottery Results Announced
The IPO allotment of Modi Energy Limited has been successfully completed at the premises of Sunrise Capital Limited in Kathmandu. The company had issued 55,59,420 units worth Rs. 55.59 crores as Initial Public Offering (IPO) to the general public from Baisakh 19 to 24, 2080.
Prior to the IPO, the company had allocated 29,00,000 unit shares worth Rs. 29 crores to project-affected locals in Parbat District. However, only 804,390 units or 27.73% were allotted to valid applicants. As a result, the remaining 20,95,610 units of unsubscribed shares from project-affected locals were added to 43,50,000 units reserved for the general public, making a total of 64,45,610 units available to the public.
Out of the total 64,45,610 units, 435,000 units were already issued and allotted to Nepalese citizens working abroad. Additionally, 5% of the offered shares, equivalent to 322,280 units, were reserved for mutual funds, and 2% or 128,910 units were set aside for employees of the company. The remaining 55,59,420 units were allocated to the general public. Some unsubscribed units from employees, totaling 52,840 units, were added to the general public pool, resulting in a total of 56,12,260 units.
Promoter shareholders hold 75% of the shares in the company, while the general public and other allocated categories hold the remaining shares.
The IPO received a tremendous response, with 12,29,741 valid applicants applying for a total of 13,401,080 units, oversubscribing the issue by more than 2.41 times.
Under the allotment module, a total of 5,61,226 applicants were allotted 10 units each through a lottery, while the remaining 6,68,515 applicants were not successful in securing any shares.
Furthermore, 322,280 units were allocated to mutual funds, and out of the 128,910 units set aside for employees, only 76,070 units were subscribed and allotted. The remaining 52,840 units from the employee category were added to the general public pool.
Unfortunately, 6,528 applicants who applied for 102,950 units were disqualified during the allotment process.
Overall, the IPO allotment process has been completed, and successful applicants have been notified of their allotted shares.
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Liberty Energy Company approves right shares and elects new board members during 13th AGM
Liberty Energy Company held its 13th Annual General Meeting on April 8th, 2023, with Mr. Kush Kumar Joshi as the chair. During the meeting, all financial reports from the previous fiscal year were approved. The meeting also endorsed a proposal to offer 50% of right shares, equivalent to Rs 75 crore, to existing shareholders. Additionally, the election of new board members was approved, including Dr. Aatma Ram Ghimire, Mr. Shyam Bahadur Khadka, Mr. Rajendra Wasti, Mr. Puruswotam Ghimire, and Ms. Kabita Pokharel from the promoter group. Mr. Lochan Koirala from the public group and Ms. Anugya Sapkota were elected as independent board directors.
Liberty Energy Company currently operates three projects, which are Upper Dordi A and Lodo Khola in Lamjung and Badighad Khola in Gulmi, as stated in the media statement.
Liberty Energy Company held its 13th Annual General Meeting, where financial reports from the previous fiscal year were approved. The company also approved the proposal to offer 50% of right shares worth Rs 75 crore to existing shareholders. Moreover, the meeting elected new board members, including five members from the promoter group and two independent board directors.
Lastly, the media statement indicated that Liberty Energy Company is operating three projects: Upper Dordi A and Lodo Khola in Lamjung and Badighad Khola in Gulmi.