An application for the issuance of 1,08,60,000 right shares has been submitted to the regulatory board SEBON by Api Power Company Limited (API).
The proposal of a 1: 0.3936 rights offering on the paid-up capital retained after the adjustment of bonus shares was approved by the company’s 18th Annual General Meeting, which was held on 25th Bhadra, 2078. After bonus adjustments, the paid-up capital amounts to Rs. 275.89 crores. As a result, a total of 1,086,00 shares will be distributed.
Muktinath Capital has been selected as the issue manager for this transaction. The application was filed to SEBON on Ashoj 25, according to the calendar.
Construction on a 40-megawatt Upper Chamelia project is now underway, and the business is also developing a number of smaller-scale solar projects in various parts of the country. Api Power Company has already completed the construction of the 4 MW Chandrapur Solar Project and plans to expand it to a 62.5 MW project by the end of the year, generating additional revenue streams for the company’s expansion and development.
The financial business intends to issue 70 percent of its right shares, which are valued at Rs 49.34 crores, out of its paid-up capital. This translates to 34,54,474.28 shares of common stock. The company’s paid-up value will increase by Rs 83.89 crore as a result of the issue.
It has been decided to appoint Prabhu Capital as the issue manager. The application was submitted to SEBON on Karik 01, according to the company.