Arun Valley and Ridi Power Approved to Release 100% Right Shares by Nepal Securities Board
Kathmandu: The Nepal Securities Board has granted permission to Arun Valley and Ridi Power Company Limited to issue right shares. Arun Valley has received approval to sell 100% right shares. The Securities Board has allowed the company to issue 1:1 proportionate 186,796,626 tradable shares. Currently, Arun Valley committed fund stands at NPR 1,086,796,200, and the company plans to release 100% tradable shares from the same fund. From the proceeds of the tradable shares, NPR 93,981,300 will be utilized for the construction of a 30-megawatt Likhu Hydropower Project under the Nepal Cable-1 Cascade Hydropower Project.
Moreover, Ridi Power has received approval to issue 50% tradable shares, allowing the release of 77,445,506 shares at a 1:0.5 ratio. This fund will be used for the repayment of loans obtained from banks for the construction of the Kabeli-1 Cascade Hydropower Project, currently in operation.
Additionally, Ridi Power’s committed fund amounts to NPR 1,054,891,200, and after issuing right shares, its fund will reach NPR 2,032,333,000. This move aligns with the company’s commitment to manage the ownership, construction, and operation of the shared power development of the Lower Balephi Hydropower Project. Presently, Ridi Power’s committed fund is NPR 1,054,891,200, and after issuing tradable shares, its fund will reach NPR 2,032,333,000.