KATHMANDU, Nov 5: Ankhu Khola Hydropower Company Limited has decided to invest up to Rs 1 billion in the 70 MW Dudhkoshi-2 (Jaleswar) Hydroelectric Project, being developed by Dudhkoshi Hydropower Private Limited.
A meeting of the company's Board of Directors held on Wednesday approved the proposed investment, reaching an in-principle agreement to invest up to Rs 1 billion at face value in the project. The company disclosed the decision to its stakeholders and the general public in accordance with Regulation 22 of the Securities Listing and Trading Rules, 2018.
11 bridges built, 2 under-construction on Pokhara-Muglin road
To mobilise the required funds, the company has also decided to issue right shares at a ratio of 1:1 based on its existing paid-up capital. The move is aimed at financing projects for which the company has already signed investment agreements or reached in-principle agreements. The company's current paid-up capital stands at Rs 1 billion.
Following the board's decision, Ankhu Khola Hydropower will seek prior approval from the Electricity Regulatory Commission to issue the proposed right shares.
Ankhu Khola is one of the major tributaries of the Budhi Gandaki River in Dhading district. Its catchment area covers approximately 633 square kilometres, with an estimated mean annual flow of 58.38 cubic metres per second (cumecs).
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