10 percent of the 1,155,960 shares allocated for public issuance, or 115,596 shares, will be given to Nepalis who have gone abroad for employment.
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Reliance Spinning Mills Limited is going to open an initial public offering (IPO) for Nepalis employed abroad from Monday (22 Mangsir).
The company is going to issue an IPO for Nepali citizens who have obtained a work permit and are working abroad.
The company is going to issue 10 percent of the 1,155,960 shares allocated for public issuance, or 115,596 shares, for Nepali citizens who have gone for foreign employment.
Reliance, which started the IPO issuance process through the book building method, had set the IPO price at Rs 820.80 a year ago.
The company has stated that the price was determined based on the profit of the fiscal year 2080/81. According to the company's audited annual financial statements, the company claims that the company earned a net profit of Rs 54 million in that fiscal year.
Reliance has already sold shares to institutional investors at a maximum rate of Rs 912 in Magh 2080. The share price has been set at a 10 percent discount to the general public.
The company's annual financial statements also show a significant increase in total income and operating profit, according to a press release issued by the company.
Reliance's total income in the fiscal year 2080/81 was Rs 9.2 billion 206 million, which reached Rs 10.23 billion 78 million in the fiscal year 2081/82. Similarly, operating profit increased from Rs 572 million to Rs 1.37 billion.
Nepal Securities Board The issuance and sale manager, Global IME Capital, was instructed on Tuesday to resume the IPO issuance process, implementing the court's order.
