API Power Company Limited has published an offer letter to issue its rights offering to shareholders. The issue will open on 25th Chaitra and close on 15th Baisakh, 2079.
In the rights offering of 1: 0.393632 ratio, a total of 1,08,60,000 units of right shares will be issued to eligible shareholders. Chaitra 14 is the book closure date. Thus, shareholders maintained before that day can apply for the rights offering when the company issues it.
The 18th AGM of the company held on 25th Bhadra, 2078 had endorsed the proposal of 1: 0.3936 rights offering on the paid-up capital maintained after the adjustment of bonus shares. The paid-up capital after bonus adjustment is Rs. 275.89 crores. Thus, a total of 1,08,60,000 shares will be issued.
Muktinath Capital has been appointed the issue manager. The application was submitted to SEBON on Ashoj 25.
The company is currently constructing a 40 MW Upper Chamelia project as well as a few MW solar projects in different parts of the nation. Api Power Company has already operationalized the 4 MW Chandrapur Solar Project and is looking forward to becoming a 62.5 MW project by the next year thereby creating more revenue sources for its growth.