National Biz Briefs

IPO issue

MYAGDI: Nilgiri Development Bank will issue ordinary shares of 150,000 units worth Rs 100 each, said bank officer Anuman Shrestha. Nilgiri development bank, the first bank of Dhaulagiri zone, was established in October 2007. The bank is aiming at reaching paid-up capital Rs 50 million within this fiscal year. Shrestha said that the bank collected Rs 200 million deposit and invested Rs 192 million in loans last year. It earned Rs 5.9 million during the last fiscal year, Shrestha informed. Till this time of the current fiscal year, the bank has earned Rs 4 million profit, said bank manager Guru Prasad Ghimire.

Projects completed

KATHMANDU: Three micro hydropower projects have been constructed at Kotdarbar, a remote part of Damauli. Construction of the 22-kw Likindikhola hydropower project, 13-kw Banajakhola project and 13-kw Limakhola project has been completed in the village, said Jul Bahadur Ale, chairman of the district association of the rural micro hydro power entrepreneurs. Wards 1, 4, 4, 5, 6 and 7 in the village have been illuminated after the projects began operating, said Ale, adding that the remaining wards will be provided with the electricity facility soon. The projects were constructed at a cost of Rs 5 million.

LPG supply row

HETAUDA: National Consumers’ Forum has objected to the decision of Nepal LP Gas Industries’ Association and Nepal Gas Dealers’ Association decision to halt supply of cooking gas to consumers. The latter announced the halt of LPG on Thursday, demanding price-hike. Forum chairman Pramendra Maharjan appealed to the government to provide a solution to the consumers’ problem as Nepal Oil Corporation (NOC) has not been able to arrange fuel supply as per demand.

Help for victims

MANGALBARE: Bhawani Dal Battalion, Ilam, has donated Rs 82,250 to fire victims of Ilam. The army handed over the amount to deposit it in the Fire Victims Relief Fund of Ilam DDC. All rank and file donated, said battalion commander Arunjung Thapa. Earlier, 552 police personnel donated Rs 54,200 for the victims.