Kathmandu, Feb. 17:
Necon Air is to float 896 thousand rights shares costing Rs. 100 each. The issue will remain open to the existing shareholders from March 3 to April 6, the airlines said.

The rights shares issued on the 1:1 basis, that is, th e shareholders owning one share can apply for one.

Keeping in view the convenience of the shareholders, the company has asked for only Rs. 30 per share in its first instalment. The remaining amount would be asked for later on as per the company’s requirements.

The company has chosen Citizen Investment Fund as the authorised manager of the issue and sales of the shares. Various branches of Nepal Bank Ltd (NBL) in the Valley are authorised for the collection of registration forms and deposits, it is learnt.

Outside the Valley, the forms will be collected from Nepal Bank’s city offices in Dharan, Biratnagar, Janakpur, Birgunj, Hetauda, Pokhara, Nepalgunj, Bhadrapur, Rajbiraj, Narayanghad, Tansen, Siddharthanagar and Dhangadi as well as NBL branches in Butwal, Dang and Mahendranagar.

The pioneer of private airlines, Necon Air began its operations seven years ago and has extended its services to India also. The company at present has three Avros, one ATR and a Cessna cargo aircraft.