Rapti Hydro Receives Pre-Approval for Rights Share Issuance, But Ratio Reduced
Rapti Hydro and General Construction Limited has received pre-approval from the Electricity Regulatory Commission to issue rights shares. However, the Commission approved a lower ratio of 1:0.2514, compared to the 1:0.4661 ratio passed by the annual general meeting.
Kathmandu. Rapti Hydro and General Construction Limited has received pre-approval from the Electricity Regulatory Commission to issue rights shares. Informing the Nepal Stock Exchange (NEPSE), the company stated that it has received pre-approval from the Commission to issue rights shares at a ratio of 1:0.2514 of the current paid-up capital.
According to the company, the Commission has approved the issuance of 3,081,262 units of rights shares. The total value of these shares will be approximately Rs 308.126 million.
Earlier, the company's annual general meeting held on Poush 29, 2082 passed a proposal to issue rights shares at a ratio of 1:0.4661 based on the current paid-up capital of Rs 1.2255876 billion. Accordingly, the company had applied to the Electricity Regulatory Commission for pre-approval.
However, the Commission has granted pre-approval to issue rights shares at a lower ratio than proposed by the general meeting, i.e., equivalent to 25.14 percent.