Kalanga Hydro Limited plans to offer 4,900,000 units of its IPO shares to the general public, valued at Rs. 49 crores with a par value of Rs. 100 per share. Within this offering, hydropower has designated Jyoti Capital Limited as the underwriter for 3,490,000 units of its ordinary shares.
On Thursday, the agreement between Capital and Hydropower was finalized. A signing ceremony took place at the registered office of Kalanga Hydro Limited in Dhobighat, Lalitpur. Bikas Dhakal, Chief Executive Officer of Jyoti Capital Limited, and Tirth Raj Chataut, Executive Director of Kalika Hydro Limited, formally signed the agreement.
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Jyoti Capital, a subsidiary of Jyoti Bikas Bank with a paid-up capital of Rs 21 crores, aims to support the prosperity of every customer. It has acquired authorization to serve as a merchant banker in the Nepal Securities Ward, offering investment management, institutional consulting, and securities underwriting services.
About Kalanga Hydro Limited
Kalanga Hydro Limited, originally incorporated as a private limited company in December 2007, underwent a conversion to a public limited company on July 14, 2021. The company is currently engaged in developing the Kalanga Gad Hydroelectric Project, a 15.33-megawatt initiative located in Nepal's Bajhang district within the Sudurpaschim Province. This project operates on a run-of-the-river (R-o-R) model and is being developed with a 40% probability of exceedance (Q40).
The estimated budget for the project is approximately NPR 3,795 million, with funding structured in a debt-to-equity ratio of roughly 75:25. As of mid-September 2021, the company's paid-up capital amounted to around NPR 649 million, fully owned by promoters.
Major promoters at that time included:
- M/s Jalanjali Investment Pvt. Ltd. (holding approximately 34% stake)
- M/s Shiva Shankar Investment Pvt. Ltd. (with approximately 18% stake)
- Barun Investment Pvt. Ltd. (possessing about 13% stake)
- Kalanga Urja Bikash Investment Pvt. Ltd. (with around 9% stake)
- Jaya Ganesh Investment Pvt. Ltd. (holding about 10% stake)
- Shubha Laxmi Hydro Investment Pvt. Ltd. (with roughly 4% stake)
- and the remaining 12% collectively held by nine individuals.