Suryakunda Hydro appoints Kumari Capital as IPO Issue and Sales Manager

KATHMANDU:Surya Kunda Hydro Electric  Company Limited will conduct an IPO.

Suryakunda Hydro Electric Company Limited has appointed Kumari Capital Limited as the Securities Issuance and Sales Manager to issue 13,79,350 shares of ordinary shares at a par value of 100 rupees per share to residents  and the general public in project-affected areas.

The agreement was signed by Suryakunda Hydro Electric Company Limited's Chairman of the Board of Directors, Satish Neupane, and Kumari Capital's CEO, Pushpa Sharma.

Suryakunda Hydro Electric Limited, Api Power Company Limited's main investment, is building an 11 megawatt Upper Tadi Khola hydroelectric plant using Upper Tadi Khola water in Gyangfedi, Nuwakot district. The company reported that around 70% of the project's construction work has been completed. Api Power Company Limited has majority share investment in this company.

According to the company, as the project would be operational over the next ten months after the installation of the latest electromechanical components manufactured by India's Flowwell Energy Private Limited company. According to the company, the electricity generated by this project will be routed to the 8 kilometer Samundratar substation via a 33 KV double circuit transmission line.

The companies promoted by the group involved in this organization have generated more than 100 megawatts of electricity and solar energy, making major contributions to the country's energy supply.