Jhyamolongma Hydropower Development Company Limited said their 22nd Annual General Meeting (AGM) will happen on the 24th of Chaitra, 2080. It will start at 11:00 AM in Pokhara-7, Kaski.
Jhyamolongma Hydropower Called AGM will cover these points:
- Approve the company’s yearly report.
- Approve the auditor’s 2078/79 and 2079/80 reports, including profit and loss statements, financial reports, and cash flow reports.
- Select the auditor and decide on their fiscal year 2080/81 pay.
- Agree on increasing the company’s capital.
- Decide on issuing ordinary shares (IPO) to the public.
- Any other business.
CARE Ratings Nepal Limited (CRNL) has rated ‘CARE-NP BB’ to Jhyamolongma Hydropower Development Company Limited (JHDC)’s long-term bank facilities.
Things to know about Jhyamolongma Hydropower Development Company Limited (JHDC)
The company has appointed LS Capital as the issue manager. The Managing Director of Jhyamolongma Hydropower, Mr. Sunil Narayan Shrestha, and the CEO of LS Capital, Bijay Lal Shrestha, signed the contract around a month ago.
The company plans to issue around 51,00,000 no. of shares for the upcoming IPO at a rate of 100 per share, and the total share price is expected to be worth around Rs 51,00,00,000. These shares will be offered to employees working abroad and residents living near the project area impacted by the project in the first session. The remaining shares will be allocated to company employees and mutual funds. Finally, the remaining shares will be made available to the general public in the second session.
On May 18, 2001, A.D., Jhyamolongma Hydropower Development Company Limited (JHDC) was founded as a private company. Afterward, on July 3, 2022, it went public. The company aims to construct the 32 MW Karuwa Seti Hydropower Project (KSHP), a hydroelectric project in Ranipauwa-11, Pokhara, Kaski district, Nepal.
It is primarily funded by people connected with the K.C. group of companies.KSHP will use the Annapurna and Machhapuchre Himalayas’ Seti Khola water. The 234 km2 project will release 15.30 m3/s of water at a 41.7% extra flow rate.