Shiv Shree Hydropower Extends Rights Share Application Deadline till Ashwin 23

Shiv Shree Hydropower Company Limited (SSHL) has extended the deadline for applying to its 100% rights issue. The company, which had opened the issue on Bhadra 19, has now set the extended deadline until Ashwin 23.

The company is issuing rights shares in a 1:1 ratio, meaning one new share for every existing share. Accordingly, SSHL is floating 14.76 million units of rights shares at a par value of Rs. 100 each, amounting to Rs. 1.47 billion in total.

For this purpose, the company had closed its book on Shrawan 16. Thus, only those shareholders who held shares till Shrawan 15 are eligible to apply. ICRA Nepal has assigned the company an IRN Single B Minus issuer rating, indicating high risk regarding the company’s ability to meet financial obligations on time.

Citizens Capital Limited is the issue manager for this rights offering. Investors can apply through Citizens Bank International’s designated branches, participating banks and financial institutions offering C-ASBA services, or online via the CDS and Clearing Limited’s “Mero Share” system.

Currently, the company’s paid-up capital stands at Rs. 1.47 billion, which will double to Rs. 2.95 billion after the rights issue. The raised capital will primarily be used for repaying bank loans.