Kathmandu. Mount Everest Power Development Limited has started issuing primary shares (IPO) from today for the residents of the project-affected areas and the Nepalese working abroad.

The company has received permission from the Securities Board of Nepal (SEBON) to issue 25,80,000 units of ordinary shares ( equivalent to 30% of its issued capital of Rs 860 million.Out of the total number of shares issued , 8, 60,000 units have been allotted to the locals of the project-affected area. Within the affected areas, the distribution of will be done in separate proportions between the most affected and the residents of other affected areas.

Similarly, 10 percent i. e. 1 lakh 72,000 units of shares from the quota allotted to the general public have been reserved for the Nepalese employed abroad.Nepalese who have obtained work permit can apply online through C-ASBA system and My Share.

Machhapuchhre Bank, Nepal Bank, Prabhu Bank and NMB Bank, Applications can be made from the branch office in Solukhumbu. In addition, applications can be submitted through other banks and financial institutions participating in the ASBA service.

BS Capital has been appointed as the issue manager for the IPO IPO and as the issue manager. Applications can be place for minimum 10 units and maximum 1000 units. The IPO will be open for the locals of the project-affected areas on May 14 at the earliest and till June 1 at the latest. Similarly, for Nepalese who are in foreign employment, the IPO can be applied by May 23 at the earliest and till May 14 at the latest.

The company will issue the IPO to the general public in the second phase after the completion of the IPO allotment for the Nepalese employed and overseas workers.