Madhya Bhotekoshi Jalavidhyut Company Limited (MBJCL) is a public limited company incorporated on July 29, 2010. The company is promoted by Nepal Electricity Authority (NEA) (A GoN Corporation) and Chilime Hydropower Company Limited (CHCL, 51% subsidiary of NEA) for setting up 102 MW run-of-river, Middle Bhotekoshi Hydroelectric Project in the Shindhupalchowk district of Nepal. The project is constructed under BOOT (Build, Own, Operate, and Transfer) mechanism. As per the Generation License, from GoN- Ministry of Energy, dated December 03, 2013, the project shall be handed, on whatever conditions the project is, to the Government of Nepal after the expiry of the generation License, which is 35 years.

Madhya Bhotekoshi Jalavidyut Company Limited has opened the IPO issue for 90,00,000 unit shares worth Rs 90 crore from Ashwin 20 and the IPO issue closes on Ashwin 25.

IPO Details

Result DateAshoj 20
Total No of Shares90,00,000 Units
For Employee3,60,000 Units
For Mutual Fund4,50,000 Units
For General Public81,90,000 Units
No of Applicants2,393,428
No of the applied units34,360,010 Units
StatusOversubscribed by 4.19 times
SectorHydropower
Issue ManagerGlobal IME Capital Ltd.
RatingCARE-NP IPO Grade 4+

Board of Directors

NamePosition
Mr. Hara Raj NeupaneDirector
Mr. Lekhnath KoiralaDirector
Mr. Dhurva BhattaraiDirector
Mr. Tulsi Ram DhakalDirector
Mr. Subhash Kumar MishraDirector
Mr. Shree Ram Raj PaudelDirector
Mr. Naresh Lal ShresthaDirector

Capital Structure

Authorized Capital6,210,000,000
Issued Capital6,000,000,000
Current Paid-Up Capital4,500,000,000
Capital after IPO Issuance6,000,000,000

Shareholding Pattern

Promoters Shareholders

Promoters ShareholdersNumber of SharesAmountPercentageRemarks
Nepal Electricity Authority6,000,000600,000,00010%Already Issued
Chilime Hydropower Company Limited22,200,0002,220,000,00037%Already Issued
Sindhupalchowk Hydropower Company Limited600,00060,000,0001%Already Issued
Nepal Araniko Hydropower Company Limited600,00060,000,0001%Already Issued
Sindhu Investment Company Limited600,00060,000,0001%Already Issued
Sindhu Bhotekoshi Hydropower Limited600,00060,000,0001%Already Issued

General Public (Inc. Employees)

General PublicNumber of SharesAmountPercentageRemarks
Employee Provident Fund11,700,0001,170,000,00019.50%Already Issued
Promoters Organization’s Employee2,100,000210,000,0003.50%Already Issued
Real Creditor’s Employee (Financial Institutions)600,00060,000,0001%Already Issued
Project Affected Locals6,000,000600,000,00010%Already Issued
General Public9,000,000900,000,00015%To be Issued

Project Information

Name of ProjectMadhya Bhotekoshi Jalavidhyut Aayojana
Installed Capacity102 MW
General License Signed8/18/2070
General License Valid up to8/17/2105
PPA signed with NEA14 NOV, 2011
Annual Energy Generation542.2 GWh
Annual Dry Energy83.7 GWh
Annual Wet Energy458.5 GWh
Total Cost (Inc. Interest)Rs.16,973,218,000
Cost per Mega-watt (Inc. Interest)Rs.16,640,4101
(NOTE: As per the company, the remaining license for the company is 27 years and 7 months)

Uses of funds

S. NParticularsAmount
1Civil and Hydro mechanical works1,000,000,000
2Electromechanical works300,000,000
3Developmental works of transmission line100,000,000
4Other Costs50,000,000
5Project Operating costs50,000,000
Total1,500,000,000
(The total fund includes amount collected from local IPO and General public IPO)

Financial Highlights

Actual

Particulars (‘000) 2073/20742074/20752075/20762076/20772077/2078*
Total Paid-Up Capital2,870,500.003,060,000.004,500,000.004,500,000.004,500,000.00
Reserve & Surplus-111,897.00-127,853.00-197,495.00-252,527.00-275,963.00
Debt1,980,020.003,347,905.003,895,307.005,009,648.004,256,158.00
Revenue from sale of Electricity0.000.000.000.000.00
Net Profit-21,023.00-15,956.00-51,058.00-55,031.00-23,436.00
Earnings per share (Rs.)-0.73-0.52-1.13-1.22-0.52
Net worth per share (Rs.)96.1095.8295.6194.3993.87
Debt-Equity (times)0.721.140.911.181.01
Return on Equity (%)-0.76%-0.54%-1.19%-1.30%-0.55%

Estimated

Particulars (‘000)2077/20782078/20792079/2080
Total Paid-Up Capital6,000,000.006,000,000.006,000,000.00
Reserve & Surplus47,293.00951,687.002,233,098.00
Debt 10,150,289.008,787,730.007,425,170.00
Revenue from sale of ElectricityN/AN/AN/A
Net Profit299,820.00904,394.001,281,411.00
Earnings per share (Rs.)5.0015.0721.36
Net worth per share (Rs.)100.79115.86137.22
Debt-Equity (times)1.681.260.90
Return on Equity (%)4.96%13.01%15.56%

Also Read : Madhya Bhotekoshi IPO Result