Api Power Company Receives Preliminary Approval to Issue 1,08,60,000 Right Shares

Api Power Company Limited has got preliminary approval from the Electricity Regulatory Commission to issue 1,08,60,000 right shares.

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.

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.

As of writing, API has an LTP of Rs. 443.