Jun 20, 2024

Suryakunda Hydropower appoints Nepal SBI Merchant Banking as IPO Issue Manager

Suryakunda Hydropower appoints Nepal SBI Merchant Banking as IPO Issue Manager

KATHMANDU:Suryakunda Hydro Electric Limited is going to issue an IPO to the general public.  The company plans to issue ordinary shares worth Rs 20 crore in two million shares at a price of Rs 100 apiece.

The company has engaged Nepal SBI Merchant Banking Limited as the issue and sales manager for this project. The deal is signed by Suryakunda Hydro Electric Limited's president, Satish Neupane, and Nepal SBI Merchant Banking Limited's managing director and CEO, Lekhnath Pokhrel.

Suryakunda Hydro Electric Limited, Nuwakot District, Dupcheswar Rural Municipality, Ward No. 1 of the Upper Tadi Khola Hydropower Project, on May 11. A capacity power project is under construction. The business stated that around 50% of the project's construction work has been done.

The project's overall cost will be Rs 220 crores, with a borrowing requirement of Rs 135 crores.

Api Power Company has acquired the majority stake in this company. According to the company, Frawell Energy will install India's cutting-edge electromechanical components in the project and put it into service within the next ten months.

The electricity generated by this project will be connected to the Samundratar substation, which is 8 kilometers from the 33 KV double circuit line, and delivered to Matatirtha, Kathmandu.

Companies promoted by this organization have generated more than 100 units of electricity and contributed to the country's renewable energy generation.