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The Nepal Securities Board has written a letter to the Electricity Regulatory Commission and requested not to allow initial share issuance (IPO) to hydropower companies with a net worth of less than 90%.
The Securities Board is being strongly protested saying that IPO permission has not been given for almost two years and middlemen have started asking for commission by saying that they will give permission . At this time, the letter written by the Board to the Commission to not allow IPO to hydropower companies below 90 has been released.
"In the context of the Nepal Securities Board being instructed to issue primary shares (IPO) only to companies with an actual net worth of more than 90 without re-evaluation at the meeting of the Public Accounts Committee on December 12, 2080, it is requested to cooperate while giving prior approval to the organizations for the initial public issue," the Securities Board wrote to the Commission. The letter mentions .
Earlier, the Public Accounts Committee of the House of Representatives had instructed the Nepal Securities Board on January 12, 2008 to arrange for the issuance of primary shares (IPO) only to companies with a net worth of more than 90%. The board has not given IPO permission to many hydropower companies saying that the same directive is still in place.
