Supermai Hydropower Gets Preliminary Approval for Rights Issue

Supermai Hydropower Limited (SMH) has received preliminary approval from the Electricity Regulatory Commission to issue rights shares to its existing shareholders to repay its loan from Nabil Bank. The company had initially proposed a 1:1 rights issue worth Rs. 64.20 crore, including Rs. 4.80 crore for machinery maintenance. However, the Commission approved the proposal only for loan repayment, as rights issues cannot be used to cover maintenance expenses. The decision was made during the Commission’s 322nd meeting on Ashwin 19, 2083. The company will proceed with the rights issue only after obtaining approval from the Securities Board of Nepal (SEBON). SMH’s last traded price (LTP) stood at Rs. 527 per share at the time of reporting.