Budhanilkantha Heritage Hotel Limited has announced its 6th Annual General Meeting (AGM), set to take place on Mangsir 14, 2081 (November 30, 2024), at 4:00 p.m. at its registered office in Budhanilkantha, Kathmandu. Key items on the agenda include the proposal to issue an Initial Public Offering (IPO) to the general public and to approve rights shares issuance at a rate of 29.56% based on the current paid-up capital of Rs. 85 crores.
The meeting will also address the endorsement of the auditor’s report, along with the profit and loss statement, financial reports, and cash flow statement, and will appoint an auditor for the fiscal year 2081/82. Additionally, shareholders will vote on empowering the Board of Directors to make necessary amendments, additions, or alterations in the Articles of Association and Regulations as required for the IPO process. Approval of previous Board of Directors’ decisions is also on the agenda.
ICRA Nepal has assigned a long-term rating of [ICRANP] LB+ (ICRA NP L B plus) to Budhanilkantha Heritage Private Limited (BHPL) for its NPR 900 million long-term loans. Incorporated in November 2018, BHPL is an SPV dedicated to constructing a nine-story, five-star hotel on approximately 5,820 square meters of land in Budhanilkantha, Kathmandu. The project is backed by a diverse group of promoters, including chartered accountants, doctors, and private entrepreneurs. This hotel, the first major project for the group, is currently under construction and aims to begin commercial operations by December 2024.
