Seven companies issuing Right Share, Hydro Electricity and CIT is in the final stage

Oct Thu 2020 07:40:03

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Seven companies issuing Right Share,  Hydro Electricity and CIT is in the final stage

 Seven companies are preparing for the rightful eviction. Citizens' Investment Fund, Shri Ram Sugar Mills, Arun Valley Hydropower, Hydro Electricity, Ngadi Group, Barun Hydro and Nepal Finance Company are preparing to issue shares. Seven Central Nepal Finance has already received the approval of the board. Nepal Finance is about to sell 125 percent of its shares. For this, the company has already fixed the date of book closing on October 20.

The remaining six companies are awaiting the approval of the regulatory body, the Nepal Securities Board. Among the companies that have applied, Madhya Shriram Sugar Mills has sought permission for rightful eviction in the ratio of 1: 3. The company had filed the application with the board on April 11, 2074 BS three years ago.

 Shri Ram Sugar Mill is currently closed. However, the application for right share issue is pending with the Securities and Exchange Board. The board has neither given permission nor revoked the right.

Ngadi Group Power and Barun Hydro have been waiting for permission to issue shares for a long time. Ngadi had sought permission from the board to sell 30 percent of the rights on January 7, 2008. Similarly, Barun Hydro had applied to the board on June 7, 2075 BS seeking permission for the sale of 100 percent rights. The Board has informed that the process of approval of the application submitted by the Hydropower Companies to the Board will proceed only after the approval of the Electricity Regulatory Commission.

 Although the board asked Ngadi and Barun Hydro to submit the prior approval of the Electricity Regulatory Commission on June 22, 2076, both the companies have not yet submitted the documents approved by the Electricity Regulatory Commission.

According to the board, the process of rightful approval of Hydro Electricity and Citizens Investment Fund has reached the final stage. Hydro Electricity had sought permission for the issuance of 100% of the rightful shares on July 15, 2076 BS, while the Citizens Investment Fund has sought permission to sell the rightful shares in the ratio of zero point 8284. Apart from these, Arun Valley Hydro has submitted a tender to the board on September 7 seeking permission to sell 100% of its shares.