The Securities Board of Nepal has approved the IPO issuance of Reliance Spinning Mills following a mandamus order from the Patan High Court. The company, part of the Golyan Group with a capital base of Rs 1.70 billion, is a major exporter. Its net profit rose sharply by 845 percent in the last fiscal year to Rs 476.3 million. The approval clears the way for the company to list on the Nepal Stock Exchange.
