Kalanga Hydropower Launches IPO for Project-Affected Locals and Migrant Workers

Kathmandu. Kalanga Hydropower has opened its Initial Public Offering (IPO) for locals affected by the project and for Nepalis working abroad. The company has constructed the 15.33 MW Kalangagad project in Bajhang. The total cost of the project is NPR 4.33 billion.

The company is set to issue 4.9 million shares, which is 35 percent of its issued capital of NPR 1.40 billion, amounting to NPR 490 million. Out of this, 1.4 million shares are being issued to the residents of the area affected by the project.

The affected areas include Ward No. 4 and 5 of Kedarasyun Rural Municipality, Ward No. 6 and 8 of Biththadchir Rural Municipality, Ward No. 3, 4, 6, 8, and 5 of Bungal Municipality in Bajhang District; Ward No. 1 and 2 of Dailasaini Rural Municipality in Baitadi District; and Ward No. 1 of Shailyashikhar Municipality in Darchula District.

Sanima Capital is the issue manager. Affected locals can apply from Chaitra 24 to Baisakh 9. Similarly, 350,000 shares have been issued to Nepalis employed abroad. Those working abroad can apply until Chaitra 15.

Applications can be submitted for a minimum of 10 shares and a maximum of 20,000 shares. The company has received a BB Plus rating from CARE Ratings.