Green Ventures Limited has opened the sale of ordinary shares to the project-affected locals from today. The company has opened sale of initial public offering (IPO) worth Rs 312.5 million at a face value of Rs 100 per share.
The company has increased its issued capital (Rs. 3.125 billion) by 10 percent to Rs. The sale of ordinary shares has been opened for the residents of the project affected areas of 2 and Umakunda village municipality-7.
According to the public appeal letter, the locals living in the project affected areas of Okhaldhunga and Ramechhap will be able to apply for the purchase of minimum 10 lots and maximum 50,000 lots from today till March 31 and if they do not apply as per the demand in that period.
The company is currently constructing Likhu-4 Hydropower Project with a total capacity of 52.4 MW centered in Ward No. 1 and 3 of Khijidemba of Okhaldhunga and Ward No. 7 of Umakund of Ramechhap. The company has stated that the total estimated cost of construction of the project will be Rs. 12 billion 80 million.
Locals can apply for purchase of shares from the Nepal Securities Board (NSB) through ASWA system from participating banks and financial institutions. Also, shares can be applied from Laxmi Bank's monthly branch in Ramechhap, Nepal Investment Bank's Dhobibazar branch, Mega Bank's monthly branch, Mega Bank's Khijidemba branch in Okhaldhunga and project site. The issue and sale manager of the company is Lakshmi Capital Market Limited.
The CARE rating has been given to the CARE rating company ‘CARNP-IR BB’ rating as per the provision of credit rating during public issue of securities. According to the ratings, the current state of the company is considered to be at average risk in its ability to bear liabilities.
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