Commission's approval to Courage Energy to issue 100% equity shares

Sahash Urja Limited has received pre-approval from the Electricity Regulatory Commission for its 100% rights issue proposal. The company is going to issue right shares of the same amount based on the paid-up capital of 4.57 billion 38 lakh rupees, which will be maintained after the distribution of 21 percent bonus shares of the current financial year. The company submitted an application for this proposal to the Electricity Regulatory Commission on March 12, and the Commission's meeting held on the same day gave it pre-approval. Prior approval of the Electricity Regulatory Commission is mandatory before submitting the right issue application to the Nepal Securities Board.

The amount to be collected from the rights issue will be invested in the 340.423 MW Budighandaki hydropower project promoted by Times Energy Pvt. Ltd. The company has already passed the proposal of this rights issue from the annual general meeting held on 24th of November. This year, Courage Energy has distributed a total dividend of 22.10 percent. This includes 21 percent bonus shares and 1.1053 percent cash dividend for tax purposes. This company, which has been distributing dividends since last financial year, has increased the dividend rate this year compared to last year. Last year, the company distributed a total of 8.42 percent dividend of 8 percent bonus shares and 0.42 percent for tax purposes.

By the second quarter of the current financial year, the company has earned more than 90 million 48 million rupees. During the same period, the reserve fund of the company has reached more than 3 billion 22 million rupees. The annual income per share of the company is 39 rupees 57 paisa and the net worth per share is 170 rupees 72 paisa.