Chandragiri Hills issues IPO to general Public
Chandragiri Hills Limited is going to issue the Initial Public Offering (IPO) to the general public from Poush 24, 2077 BS till Poush 28, 2077. If the IPO remains under-subscribed then the period, of issue will extend till Magh 10, 2077 BS. Chandragiri Hills Limited is issuing 15,34,091 shares in the Primary market to the general public worth Rs 15.34 crore after receiving the approval from the Securities Board of Nepal (SEBON).
SEBON provided the approval to issue 18.41 lakh shares in the IPO (General Public + Locals) on Karthik 28, 2077 BS. The company had submitted the application to SEBON On jestha 25, 2077. Out of the 15,34,091 shares. employees and the mutual funds will receive 4% and 5%espectively. Hence, the general public can apply for the remaining 18,96,044 shares. Interested investors can apply for a minimum of 10 shares at a par value of Rs 100.
IPO of Chandragiri Hills Limited to Locals
In the first phase, Chandragiri Hills floated 3,06,819 shares to the locals of the project-affected areas from Mangsir 17, 2077 BS to Poush 1, 2077 BS. The Locals of Chandragiri Municipality Ward No. 3, 4, 6 and 7 of Kathmandu, Thaha Municipality Ward No. 9 and 10 of Makwanpur and Indrasarobar Village Municipality Ward No. 5 participated in the IPO.Application from the locals ranged from a minimum of 10 shares to a maximum of 3,060 shares.
Issue to General Public
The Gneral public issue is equivalent to 12 percent of the company's total issued capital of Rs 1.53 Arba. After issuing shares to the locals, the company will issue the remaining 15.34 lakh shares to the general public from Poush 24, 2077. Global IME Capital Limited is the issue manager for the IPO of Chandragiri Hills Limited.
After the IPO, the locals and general public will possess 12 percent share in the company. Likewise, the promoters will hold 88 percent ownership. Similarly, Chandragiri Hills has signed an agreement with Citizens Investment Trust (CIT) to underwrite the shares. If the shares remain under-subscribed, then it wit have to purchase the remaining unsold shares.
Background of the Company
Chandragiri Hills is a quick getaway & an enchanting oasis right outside the city.Just 7 km away from Thankot, Kathmandu, Chandragiri Hills feels like a whole new world, altogether. The 2551 meter-high natural haven is surrounded by temperate wilderness with a fantastic panorama of the Himalayas as the backdrop. The closest location from Kathmandu to get a view of the majestic Mt. Everest is surely something that you shouldn’t be missing.
Along with refreshing forest air and a spectacular view of the Himalayan vistas, the area is also home to one of the most important Hindu temple: the Bhaleshwor Mahadev, which is believed to possess wish-granting powers.
Chandragiri Hills has its historical significance as well. It was from these hills that King Prithivi Narayan Shah caught the first glimpse of a much scenic and prosperous Kathmandu valley, which in fact instilled in the king’s mind an idea of annexing the valley into his kingdom. According to folklore, Prithivi Narayan Shah is believed to have amassed spiritual powers for unification process after undergoing rigorous ‘sadhana’ or meditation at these very hills. The Gorkhali King disguised himself while ascending the hills in order to avoid being recognized by the Malla Kings of Kathmandu Valley.
