Kathmandu. Solu Hydropower Limited is going to issue the first phase of IPO for the local residents affected by the project and the Nepalese who have gone for foreign employment from the coming 7th of November. The company has received permission from the Nepal Securities Board on November 24 to issue a total of 20 million IPO shares at a rate of Rs 100 per share. Out of which, in the first phase, 10 million shares are going to be issued to project affected people and 1 million shares to Nepalis who have gone for foreign employment.

Out of the 10 million units allotted to the project affected people, 4 million units have been allotted to the residents of Solu Dudhkunda Municipality Ward No. 7 and 11 of Solukhumbu and Thulung Dudhkoshi Rural Municipality Ward No. 10, and 600 million units have been allocated to the residents of Salu Dudhkunda Municipality and other wards of Thulung Dudhkoshi Rural Municipality apart from the affected area 9.

While applying for the first phase of IPO, it has been arranged that the application should be made for a minimum of 10 shares, while the application can be made for a maximum of 1 lakh shares. Nepalese who are employed abroad should apply by November 10th and those affected by the project by November 21st. However, if the application is not received as per the demand, the period of foreign employment may be extended till November 21st and project affected till January 7th.