The promoter company of the 456 MW Upper Tamakoshi Hydroelectric Project, which is operating in Dolakha, has already paid the amount of their share to the company. The company has equity shares to the shareholders at the rate of Rs 100 per share, equal to 1 share.
Similarly, other shareholders are also paying an amount for their right share. As per the company, 78 percent of amount has already collected from the shareholders till October 4.
The founders of the company, Nepal Electricity Authority (NEA), Nepal Telecommunication Company Ltd. (Nepal Telecom), Citizen Investment Trust and National Insurance Corporation have paid 100 percent of the amount for the right shares in their share ratio. The founders have paid 5.40 billion rupees.
Of the 49 percent ordinary shares of the company, 5.19 billion rupees have to be paid by the public.
Mohan Prasad Gautam, the company's chief executive officer, said 2.83 billion or 55 percent of the amount had been collected from the public shareholders as of Tuesday.
CEO Gautam said, “78 percent of the funds are being collected so far. Out of this, 100 percent collected from promoter and 55 percent from the public. There is a massive rush in the share filling place and it is seen that the amount will be collected in the remaining days.
In the company with a paid-up capital of Rs 10.59 billion, the NEA has 41 percent, Nepal Telecom has 6 percent and Citizen Investment Trust and National Insurance Corporation have 2-2 percent promoter shares. According to share ownership, the NEA has paid 4.34 billion 19 million, Nepal Telecom 635.4 million and Citizen's Investment Trust and National Insurance Institute 218 million rupees each for the right shares.
Of the company's 49 percent ordinary shares, 17.28 percent are owned by Employees' Provident Fund, 2.88 percent by Project Loan Employees, 8.84 percent by company and NEA employees, 10 percent by resident of Dolkha and 15 percent by the public. Public has to pay 5.19 billion rupees.
According to this, 1.82 billion rupees have been collected from the employees' Provident Fund, 1.58 billion from the public, 1.59 billion from the residents of Dolkha, 400.66 million from the employees of the companies and NEA, and 300.49 million from the employees of the institutions providing loans in the project. After collecting the amount for right shares, the paid-up capital of the company will reach 21.18 billion rupees.