Ridi Hydropower Dev. Company announced 10% bonus shares & 0.53% cash for Fy 070/71

Ridi Hydropower Development Company Ltd has announced 10 percent bonus shares to its shareholders on the first year of going to the public.

Ridi Hydropower's Company Secretary Alok KC told that the 126th meeting of the board of directors (BoD) held on Sunday decided to propose 10 percent bonus shares and 0.53 percent cash dividend for the tax purpose. The decision is, however, subject to the approval of the company’s annual general meeting (AGM).

Ridi had floated the IPO of 11.70 lakh units at a face value of Rs 100 per unit in February, and it was oversubscribed by 81.71 times.

Ridi Hydropower, which is the subsidiary of Arun Valley Hydropower Development Committee (AHPC), has earned a net profit of Rs 1.90 crore by the fourth quarter of the last fiscal year 2070/71, up from Rs 1.14 crore in the corresponding quarter of the previous fiscal year 2069/70.

Likewise, the BoD meeting has also scheduled the 13th annual general meeting of the company on Mangsir 5 at Trade Tower Center in capital.- SSN