Fire at Ambey Steels, Preparing for IPO, Estimated Loss of Rs 15.6 Million
A massive fire that broke out at the Banke-based plant of Ambey Steels Limited, a subsidiary of the Neupane Group, was brought under control after 13 hours on Thursday. The fire is estimated to have caused a loss of about Rs 15.6 million, though no human casualties have been reported. The company recently announced an IPO at a premium price for the general public.
Kathmandu. A massive fire that broke out on Thursday morning at the steel industry of Ambey Steels Limited, a subsidiary of the Neupane Group, located in Baksapur, Janaki Rural Municipality-5, Banke, has been brought under control after 13 hours.
The fire, which started around 1:30 am on Thursday in a furnace oil tank, was brought under control around 2:30 pm with the help of fire engines, industry workers, and security forces, according to the District Police Office, Banke.
No human casualties were reported in the fire, police said. According to police, the fire suddenly broke out in a tank storing furnace oil used to generate high-temperature heat required for melting iron. According to the industry administration, the fire occurred in a tank with a capacity of 200,000 liters of fuel. The incident is estimated to have caused a loss of about Rs 15.6 million.
The industry had recently announced the issuance of shares to the general public at a premium price. According to the industry, it plans to issue a total of 11,192,727 shares for local residents and the general public. The company had announced the issuance of shares at a total of Rs 303 per share, including a premium of Rs 203 per share. Nabil Investment Banking Limited has been given the responsibility of issue management to complete the necessary process.