Trishuli Hydropower Company receives 78,000 applications from shareholders to award them remaining amount of shares; Nov 3 last day to submit application

Published On: October 23, 2022 02:45 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Oct 23: Nearly 78,000 shareholders have submitted their applications to Trishuli Hydropower Company Limited to award them the remaining amount of shares issued to the general public by the company. The company had requested an application from September 20 for the payment of the remaining amount of shares.

Out of a total of 154,559 ordinary shareholders who have paid Rs 10 per share in the company's share distribution, nearly 78,000 have paid the remaining Rs 90 per share. From this, Rs 161 million has been collected. Similarly, Rs 334 million will be collected at the rate of 90 rupees.

The last day to submit the applications is November 3. The managing director of the company, Mohan Prasad Gautam urged the shareholders to apply before the deadline.

Under the People's Hydropower Program, the company issued 375,000 units of shares to the general public in March 2019 (including reservations for the company's employees) and collected only 10 rupees per share, which is a minimum of 10 percent of the nominal value of 100 rupees per share. A total of 154,559 ordinary shareholders who have paid Rs 10 per share in the company's share distribution will have to pay the remaining Rs 90 per share.

Until the last date of payment, the company has to pay eight percent annual interest in the People's Hydropower Program (Operation and Management) Procedure, 2075 BS in which the shareholders who will receive interest of three rupees per share, can pay only Rs 87 per share.

The company is constructing the 37 MW Upper Trishuli 3B Hydroelectric Project in Rasuwa and Nuwakot. Nepal Electricity Authority and Nepal Telecom have 30 percent founding shares each in the company. In the company, there will be five percent shares of the rural municipalities and municipalities of Rasuwa and Nuwakot, five percent shares of the local financial institutions of Rasuwa and Nuwakot, 10 percent shares of the residents of Rasuwa and Nuwakot, 15 percent shares of the general public and five percent shares of the employees of the authority and telecom.