Upper Tamakoshi gears up for public issue
Upper Tamakoshi Hydropower is soon issuing shares to the locals of Dolakha district, where the 456-Mega Watt hydropower plant is under construction.
"In the first phase, the company is issuing a total of 36,006,000 units of shares to the Dolakha locals, lender institutions' staff and the Nepal Electricity Authority staff.
The hydropower company is issuing some 10,590,000 units of shares to the Dolakha locals, it said, adding that some 18,299,520 units will be issued for Employment Provident Fund (EPF) staff.
"Likewise, the lender institutions' – Employment Provident Fund staff will get 1,524,960 units, Citizen Investment Trust (CIT) staff will get 304,992 units, Nepal Telecom (NT) staff will get 914,976 units – of the shares in the first phase.
The Upper Tamakoshi Hydropower and Nepal Electricity Authority (NEA) staff will also get 4,066,560 units of shares in the first phase, said the company that is soon applying to the Securities Board of Nepal, the regulatory authority of the capital market.
The issue will be floated immediately after the board gives a green signal, added Upper Tamakoshi Hydropower Company that has appointed Citizen Investment Trust as the issue and sales manager – of the public issue – and NCM Merchant Banking as co-sales manager.
The hydel company is planning to start power generation from next year.