Upper Hewakhola Hydropower Company Receives Preliminary Approval from ERC to Issue Right Shares at the Ratio of 1: 1

Upper Hewakhola Hydropower Company Limited (UHEWA) has received preliminary approval from the Electricity Regulatory Commission to issue a 1:1 rights offering. The hydropower company proposed to issue 100% right shares on the paid-up capital of Rs. 57.50 crores. After the adjustment of the proposed right share, i.e., 5,750,000 units, the paid-up capital of the company will increase to Rs. crores. The company is issuing the right shares to complete the construction of the hydropower project and to pay other outstanding construction-related expenses. The company will issue the right shares to its shareholders only after the approval of SEBON. As of writing, UHEWA has an LTP of Rs. 600.00.