Modi Energy Limited invites the public to participate in its journey to a more sustainable future by investing in its Initial Public Offering (IPO). On Bhadra 31, 2079 BS, the company applied to the Securities Board of Nepal (SEBON) for permission to issue the IPO. The company can only float the shares to the public after receiving approval from the regulatory body SEBON.
If SEBON approves, Modi Energy Limited intends to sell 72,50,000 shares in a public offering worth Rs 72.5 crores. In the first phase of the IPO, the company will sell 29 lakh shares to residents of project-affected areas. The company will float 43.5 lakh shares after issuing shares to the general public.
CARE Ratings Nepal Limited has assigned Modi Energy Limited (MEL) an Issuer rating of ‘CARE-NP BB+ (Is) [Double B Plus (Issuer Rating)], indicating that the company has a moderate degree of safety in terms of timely servicing of financial obligations in Nepal. Sunrise Capital Limited has been appointed as the IPO’s issue and sales manager.