Joshi Hydropower Extends Rights Share Application Deadline Until Bhadra 19
Joshi Hydropower has extended the application period for its 65% rights issue, now open until Bhadra 19, 2082.
Joshi Hydropower Development Company Limited (JOSHI) has extended the deadline for its ongoing rights share issuance. Initially opened on Shrawan 15, the subscription period for the 65% rights issue will now remain open until Bhadra 19, 2082.
The company is offering rights shares at a ratio of 1:0.65, amounting to 2,414,100 units at a par value of Rs. 100 per share, totaling Rs. 241.41 million.
For the issuance, the company had announced a book closure on Ashadh 8. Shareholders recorded until Ashadh 5 are eligible to apply.
Credit rating agency CARE Ratings Nepal has assigned the issue a grade of CARE-NP Single B (Issuer Rating), indicating high risk regarding the company’s ability to meet financial obligations on time.
Laxmi Sunrise Capital Limited is the issue manager. Applications can be submitted through the issue manager’s office, Joshi Hydropower’s corporate office, Laxmi Sunrise Bank’s Ilam branch, and all C-ASBA member BFIs. Investors can also apply via the Mero Share online platform of CDS and Clearing Limited.
Following the rights issue, the company’s paid-up capital will rise from Rs. 371.4 million to Rs. 612.81 million. Proceeds will be used to repay loans from banks and financial institutions, as well as loans taken from the promoter, Birendra Bahadur Nyaupane.