Sahas Urja Limited is issuing Rs 70 crore worth 70 lakh units of shares as Initial Public Offering (IPO) to the general public for subscription from September 22-26 (Asoj 6-10).

The early closing date of the IPO issue is September 26 and in case it remains undersubscribed, the interested applicants can apply till October 6, 2021 (Asoj 20, 2021).

Among the 70,00,000 units, 3 percent (i.e. 2,10,000 units) of the shares will be allotted to the employees of the hydropower company while another 5 per cent (i.e. 3,50,000 units) have been set aside for mutual funds.

Meanwhile, the remaining 64,40,000 units of shares are open for subscription to the general public.

Applicants can apply for a minimum of 10 units and a maximum of 10,50,000 units.

NIBL Ace Capital has been appointed as the IPO issuance manager.

Following the issuance of shares to project affected locals and the general public, the company's paid up capital will reach Rs 3.5 billion while public and promoter share holding will be 70 to 30.

Sahas Urja Limited-- the largest hydro project in Nepal being constructed under private investment-- are the developers of 86 MW Solu Khola Dudh Koshi hydro project and is being constructed with a total estimated cost of Rs 11.86 billion.