Singati Hydro Energy Limited has allotted its 14,50,000 units IPO shares to the project affected local

Singati Hydro Energy Limited has allotted its 14,50,000 units IPO shares to the project affected local residents of Bigu Rural Municipality and Kalinchowk Rural Municipality of Dolakha Districts on 17th Falgun,2077.

The IPO issue for locals was open from Magh 4 and was supposed to close on Magh 18. Since the IPO issue was still undersubscribed, the deadline was extended to Falgun 3, 2077. The IPO received applications worth Rs 17.45 crore from 19,282 individuals; 20.37% more than the total volume of the shares issued.

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In the allotment, locals who applied from 10 units to 490 units have got all the shares they applied for. Meanwhile, 299 lucky applicants have received 500 units each.

The company will issue a total of 43,50,000 units of IPO shares, out of which 14,50,000 units of shares have been offered to locals of project affect areas in the first phase and the remaining shares will be offered to the general public later in the second phase. After the issuance of shares to locals and the general public, the company’s paid-up capital will be Rs 1.5 Arba, and the public and promoter shareholding ratio will be 70:30.

According to the issue manager Mega Capital, the IPO issue for the general public will most probably open on Chaitra 06.