Bhugol Energy Development has opened its IPO today. The company has opened the IPO from Monday for project-affected local residents and Nepalese working abroad.
Bhugol Energy’s IPO
Bhugol Energy has issued 5 lakh 44 thousand 53 shares with a face value of Rs 100. Out of this, 2 lahks 72 thousand 26 shares have been allocated to the local residents of Naumule Dwari 3 Dailekh, a highly affected area of the project, and 2 lakh 72 thousand 26 shares have been allocated to the local residents of Dailekh.
The company has opened the sale of 10 percent of the issued capital of Rs.
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NIC Asia Capital will act as the sales manager in this IPO. In this IPO, local and foreign-employed Nepalese can apply for a minimum of 10 shares to a maximum of 30,000 shares at the rate of 100 rupees per share.
On the other hand, 1 lakh 8 thousand 811 shares have been allotted to Nepalis who are employed abroad. Applicants can apply as soon as possible till the 25th of Falgun. If the complete application is not received by that period, they will be allowed to apply until the 12th of Chait.
Rating agency Icra Nepal has given Geo Energy’s IPO Icra NP Issuer Rating B minus rating. This indicates that there is a high risk in the ability of the company to bear its obligations.
Local residents can apply from the designated branch offices of the project site, NIC Asia Bank, Global IME Bank, and Prabhu Bank. On the other hand, Nepalese who are employed abroad can apply from banks and financial institutions licensed by the Nepal Securities Board and their branch offices.