Greenlife Hydropower Limited (GLHL) has received permission from the Securities and Exchange Board to issue ordinary shares (IPO). The board has given permission to Hydro to issue 1.8 million shares worth 18 million rupees at a nominal rate of 100 rupees on January 17. In the first phase, the company has received permission from the board for the issuance of 10 percent of the capital i.e. 1.8 million shares for the local residents affected by the project.
Hydropower Company has already appointed Kathmandu Capital as share issuer and sales manager.
Greenlife has obtained a credit rating from Care Rating Nepal for the IPO to be issued. CARE Rating Nepal has given grade 4 rating to the IPO issued by the company for the project affected residents. Which indicates that the financial condition of the company is weaker than the average.
In Greenlife Hydropower, which has its head office in Kamalpokhari, Kathmandu, 80 percent of the capital issued to the founding group, i.e. one billion 44 million rupees, has been paid. After allocating the IPO to the locals in the first phase, Hydro has announced that in the second phase, additional 1.8 million shares will be issued to the general public.
The company is constructing a 40 MW Khanikhola 1 hydroelectric project in Marbu VDC of Dolakha.
The company submitted an application to the board seeking permission to issue an IPO in the first week of last August. The company passed the proposal to issue IPO for local people in the 8th annual general meeting held on 30th January 2074.