Melung Hydro distributing 80 million shares to locals

Melung Hydropower Company is going to sell 800,000 shares worth 80 million rupees to the locals. Eight hundred and two thousand five hundred ordinary shares are being issued for the citizens around the project.

Vijay Lal Shrestha, chief executive officer of Sunrise Capital Limited, said that the company is preparing to sell 10 percent of its issued capital of Rs.

Out of the remaining 34 percent or 272.82 million shares, five percent or one lakh 36,425 ordinary shares of collective investment fund and two percent or 54,570 ordinary shares of the company. He informed that it has been set aside for the employees.

The remaining 25 lakh 37 thousand 5 hundred and five shares will be issued to the public under the Securities Registration and Issuance Rules, 2073 BS, the company said. In the first phase, more than 800,000 shares equal to 80 million will be issued to the citizens of Molung village municipality and Siddhicharan municipality.

A demat account has been made mandatory for the citizens who want to buy the shares. Navin Maharjan, director of construction company Anak Construction, said that the citizens of those villages and municipalities have been called upon to buy compulsory shares. The company has stated that the shares bought by the citizens cannot be sold for three years.