Darchula Power Limited Concludes AGM; Approves IPO Issuance and Key Project Decisions
Author
NEPSE TRADING
Darchula Power Limited successfully concluded its Annual General Meeting (AGM) on Friday, Mangsir 12. The company announced that the AGM unanimously approved all general and special resolutions, including the adoption of financial statements for FY 2081/82 and the decision to move forward with its Initial Public Offering (IPO).
Darchula Power Limited, a subsidiary of Api Power Company Limited, is currently constructing the 28.304 MW Mid Chameliya Hydropower Project in Darchula district. The project, estimated to cost around Rs. 5.66 billion, is progressing rapidly, according to the company.
During the AGM, the annual report for FY 2081/82 presented by the Chairman of the Board was thoroughly discussed and unanimously passed. The report included updates on physical project progress, financial management, operational challenges, and strategic goals for the upcoming year. Likewise, the AGM approved the balance sheet, profit & loss account, cash flow statement, and all other financial reports for the fiscal year. The company’s commitment to financial discipline, cost control, and transparency was praised by attending shareholders.
In accordance with Section 111 of the Companies Act, 2063, the AGM also approved the appointment of a new auditor for FY 2082/83.
One of the major decisions endorsed by the AGM was the issuance of ordinary shares to the public. Managing Director Shaswat Chalise informed that the company has already signed an agreement with Muktinath Capital Limited to proceed with the IPO management process.
The AGM also approved proposals to increase the company’s authorized and issued capital prior to the IPO, along with necessary amendments to the Memorandum of Association and Articles of Association.
Speaking at the meeting, Director Sanjeev Neupane highlighted the impressive progress of the Mid Chameliya Hydropower Project. He stated that due to effective construction management, contract handling, timely material supply, local coordination, and robust financial planning, the company is confident of completing the project ahead of the scheduled timeline.
Shareholders and participants at the AGM expressed that the company’s strategy, strong management, and the rapid progress of the project signal a positive outlook for both the company and its upcoming IPO.
