KATHMANDU: The Citizen Investment Trust (CIT) appointed NCM Merchant Banking and NMB Capital, on Thursday, to work as its co-issue managers for the initial public offering (IPO) of Hydropower Investment and Development Company Ltd (HIDCL).

CIT also signed an agreement with the co-issue managers.

The agreements were signed by CIT Executive Director Ram Krishna Pokhrel and Bijaya Lal Shrestha and Shreejesh Ghimire on behalf of NCM Merchant Banking and NMB Capital, respectively.

CIT is an issue manager for the IPO release of HIDCL worth Rs two billion. HIDCL is going to issue 20 million units of shares in IPO. CIT was appointed as issue manager on December 21, last year.