Interim Results
KSK Power Ventur PLC
20 December 2006
For Immediate Release 20th December 2006
KSK Power Ventur plc
('KSK', the 'Company' or the ' Group')
Maiden interim results for the six months ended 30 September 2006
Introduction
KSK Power Ventur plc (AIM: KSK.L), the power project development company with
interests in multiple power plants across India, floated on the AIM market of
the London Stock Exchange in November 2006, raising £30.9 million.
The company today announces its maiden interim financial results for the six
months ended 30 September 2006.
Highlights:
•Successful flotation on AIM raising £30.9 m
•Consolidated Revenues of USD 3.12 million; gross profit of USD 1.59
million*; net loss of USD 1.3 million**
•43 MW Arasmeta Captive power plant for Lafarge India became fully
operational during the period
•Captive power plants of Sai Regency & Sitapuram are progressing well and
are expected to be operational before end of the financial year
•Additional expansion to double the size of the current 43MW power plant
in Arasmeta
•Government of India's economic growth projections for the country have
risen to more than 9% per year
* after cost of sales but before administrative, financing and Depreciation
expenses
** after all expenses including taxes
Commenting on the results, T L Sankar, Chairman of KSK said:
'Since our successful IPO we have continued to maintain momentum in the further
development of all of our projects, as well as making further progress in our
core fuel supply relationships. The buoyant Indian economy continues to underpin
our growth and is showing signs of further acceleration. In the past six months
we have seen the completion of the Arasmeta captive power plant for Lafarge and
the further development of our first hydro electric plant initiative.
'These are exciting times for the Company and with additional power plants due
to open in the second half, and a number of further projects underway, we remain
confident in our growth prospects and in our ability to meet expectations for
the full year.'
For further information, please contact: www.ksk.co.in
KSK Power Ventur plc +(91) 40 2355 9922 - 25
S. Kishore, Executive Director
K.A. Sastry, Executive Director
Arden Partners 020 7398 1632
Richard Day/Steve Pearce
Hogarth Partnership Limited 020 7357 9477
Nick Denton/Barnaby Fry
KSK Power Ventur plc
Maiden interim results for the six months ended 30 September 2006
Introduction
KSK Power Ventur plc (AIM: KSK.L), the power project development company with
interests in multiple power plants across India, floated on the AIM market of
the London Stock Exchange in November 2006 raising GBP 30.9 million.
The Company today announces its maiden interim results for the six months ended
30 September 2006.
Corporate
In line with its strategy for growth, KSK is involved in working with major
international and Indian businesses and distribution companies to ensure that
they have access to dependable and cost effective sources of electrical power.
The addition of large power generating capacity is essential for achieving the
anticipated economic growth across the Indian continent and the Company
continues to undertake the necessary and extensive groundwork required to setup
multiple power plants and address the opportunities available to it, both in
India and overseas.
Operations Update
The process of power project development involves key activities such as the
identification of suitable development opportunities, the location of
appropriate fuel supply, securing necessary equity and debt financing
arrangements for the projects, undertaking ground work on the physical project
execution and negotiating power sales arrangements with corporate consumers.
Upon completion of these implementation stages, each project commences power
generation and energy supply. Since the company formation six projects have been
completed and of these five are under the management of KSK. The Company is
currently working on a number of projects with a generating capacity each of
between 40MW and 500MW with commissioning dates between 2008 and 2010. The
aggregate capacity of the Group pipeline under pursuit is now likely to exceed
3200 MW, much above the anticipated levels.
During the period under review, the 43 MW Arasmeta Captive power plant for
Lafarge India became operational. The Company is also expecting to commission
the 58 MW Sai Regency Power with power supplies to multiple Industrial customers
in the state of Tamil Nadu and the 43 MW Sitapuram Power with entire power
supplies to two cement production units of Ciments Francais in the state of
Andhra Pradesh during the second half of the current financial year
In addition, the 15 MW Avantika Hydro Sapthadhara hydro electric power plant in
the state of Orissa and the 135 MW Marudhar power plant in the state of
Rajasthan have secured in-principle sanctions for the entire debt financing and
agreements for disbursements of such debt financing is expected to be completed
during second half. In both of these projects, contracts for Engineering,
Procurement and Construction (EPC) have also been awarded to various third party
providers.
In the case of the 135 MW Marudhar power plant, letters of Intent (LOI) has been
received from multiple industrial power consumers for the entire power supply
capacity of the plant.
Financial Review
Further to the successful flotation on AIM in November 2006 and pursuant to the
scheme of reorganisation as outlined in the AIM admission document, KSK Power
Ventur plc (KSK) acquired 100% of the equity interest in KSK Energy Ventures Ltd
(KSK India) on 7 November 2006 (after the Company buyback of shares from
existing shareholders). Accordingly, no holding company relationship existed
between KSK & KSK India on the reporting date of 30 September 2006.
These interim results provide the financial position of KSK India as of 30
September 2006. Consolidated financial information on KSK India for the six
months period ended 30 September 2006 have been prepared under International
Financial Reporting Standards ('IFRS') for the purpose of reporting these
interim results.
The consolidated revenue of KSK India stood at USD 3.12 million almost entirely
comprised from revenues arising from power generation in the underlying SPV's
Against such revenue, the Company recorded a gross profit of USD 1.59 million
after costs of sales but before administrative, financing and depreciation
expenses, and a net loss of USD 1.3 million after all expenses including taxes.
This position primarily arose on some significant contracts falling due in the
second half of the Company's financial year and accruing to KSK from projects in
their development stage, significant administrative and financing costs
attributable to project setup being charged off against profits, and projects
becoming operational only part way through the period etc. This position is
essentially derived from the long gestation nature of power project development
activity. However, the Company is confident of achieving the financial
projections for the Company's full financial year and beyond.
Outlook
With the Government of India's economic growth projections for the country now
rising to more than 9% on a yearly basis from the previous 8%, the potential for
the Company's growth initiatives should be further enhanced.
Lafarge has confirmed its interest in favour of KSK for an expansion of the
current 43MW power plant in Arasmeta. This initiative in the same location has
reinforced the Company's strong performance in the captive power plant segment.
The Company anticipates that development activity on this expansion project
shall see further progress in the near future.
The Company is also pleased to report significant progress on other projects in
the pipeline, notably the first phase of a 2X135 MW power plant in Maharashtra
of Wardha power, based on the fuel supply agreement entered into with GMDC for
the supply of coal. The Company anticipates potential for further power plant
capacity in the state of Chattisgarh and has initiated the necessary development
work.
Continuing the Company's effort to secure fuel resources to support its multiple
power plants needs, the Company has identified additional fuel resource blocks,
recently notified by the Government of India in November 2006.
In addition to power plant opportunities using fossil fuel, the Company is also
pursuing renewable energy resources for its plants, the majority of which are
currently hydroelectric power plant projects. The Company is pleased to report
initial pre-development activity of hydroelectric projects in various states
across Northern and North-Eastern India and the neighbouring country of Nepal,
working alongside identified strategic partners and co-developers in these
regions.
The Board remain confident in the Group's growth prospects and in our ability to
meet expectations for the full year
Interim Consolidated Financial Statements prepared in accordance with
International Financial Reporting Standards
KSK Power Ventur plc, Isle of Man
September 30, 2006
Consolidated Financial Information as at 30th September 2006
Notes £
Cash 2
-------
Net Current Assets 2
=======
Represented by:
Issued , Allotted and Paid up:
Ordinary shares of £ 1 each 3 2
========
Notes to the financial information
Accounting Policies
The information has been prepared in accordance with applicable accounting
standards and under the historical cost convention.
Income Statement
No income statement has been presented as the company did not trade during the
period.
Share capital
The Company was incorporated on 17 July 2006 with an authorised share capital of
£ 2,000 comprising 2,000 ordinary shares of £ 1 each. On incorporation the
company issued 2 ordinary shares.
Bijlee Bharat Holdings was incorporated on 14 June 2005 with one ordinary share
of US$ 1. This was purchased by KSK Power Ventur Plc on 15 September 2006 for a
consideration of $1. Bijlee Bharat Holdings' share capital of US$1 and the
corresponding investment in Balance Sheet of KSK Power Ventur Plc with an
equivalent value of US$1 were eliminated on consolidation.
Bijlee Bharat Holdings is a 100% owned subsidiary of KSK Power Ventur Plc.
Post Balance Sheet events
On 4 October 2006, KSK Power Ventur plc has subdivided the 2 ordinary shares of
£1 each into 2000 ordinary shares of c 0.1each fully paid.
On 17 October 2006 the Company allotted 99,998,000 ordinary shares to Sayi Power
Energy Limited for a consideration of £99,998.
On 5 November 2006 Bijlee Bharat Holdings acquired 90,000,000 equity shares of
INR 10 each in KSK Energy Ventures Private Limited at a price of INR 17 each for
a consideration of INR 1530 Millions equivalent to US$ 34,020,270 and 7%,
30,000,000 Optionally Convertible Cumulative Preference shares of INR 10 each
for a consideration of INR 300 Millions equivalent to US$ 6,670,640. On 7
November 2006, KSK Energy Ventures Private Limited had made a buy back of the
existing equity shares of 29,773,850 of INR 10 each for a consideration of INR
297,738,500 equivalent to US$ 6,619,935 and redeemed 11% 1,250,000, Optionally
Convertible Cumulative Redeemable Preference shares of INR 10 each for a
consideration INR 12,500,000 equivalent to US$277,926, both at par.
The name of Bijlee Bharat Holdings, Mauritius has been changed to KSK Energy
Limited with effect from 22 November 2006. Following the above buyback of equity
shares, KSK Power Venture Plc is the 100% holding company of KSK Energy Limited
(erstwhile company name of Bijlee Bharat Holdings), Mauritius , who in turn hold
100% equity in KSK Energy Ventures Private Limited, India from 7 November 2006.
The consolidated financial statements of KSK Energy Ventures Private Limited as
on 30 September 2006 are appended along with this statement. These results are
not consolidated in the financial statements of the Company since no controlling
interest existed as on 30 September 2006, the period for which the interim
financial reporting is made.
Comparative statements:
No comparative statements were prepared for the appended interim statements of
KSK Energy Ventures Private Limited as KSK Power Ventur plc, the listed entity
came into existence only from 17 July 2006.
Interim Consolidated Financial Statements prepared in accordance with
International Financial Reporting Standards (Unaudited)
KSK Energy Ventures Private Limited, India
September 30, 2006
Consolidated Balance Sheet (Unaudited)
(All amounts in thousands of US Dollars, unless otherwise stated)
------------
As at
September 30,
2006
------------
------------
Current
Cash and cash equivalents 7,327
Restricted cash 88
Accounts receivable, net 1,259
Inventories 441
Other current assets 16,451
Available for sale investments 11
------------
Total current assets 25,577
------------
Non current
Property, plant and equipment, net 22,716
Goodwill 125
Investments 218
Available for Sale Investments 1,507
------------
Total non current assets 24,566
------------
Total assets 50,143
============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable 3,462
Current tax liabilities, net of advances 699
Current portion of long term debt 17,819
Other liabilities 3,646
------------
Total current liabilities 25,626
------------
Non current
Long term debt, net of current portion 9,250
Redeemable Preference shares of joint ventures 2,311
Debt Component of Optionally Convertible Cumulative
Redeemable Preference Shares ('OCCRPS') 264
Employee obligations 57
Deferred tax liabilities 2
Other liabilities 5,024
------------
Total non current liabilities 16,908
------------
Total liabilities 42,534
------------
Consolidated Balance Sheet (Unaudited) (Contd..)
(All amounts in thousands of US Dollars, unless otherwise stated)
------------
As at
September 30,
2006
------------
Stockholders' equity
Common stock 6,677
Translation reserve (169)
Accumulated earnings 1,100
-----------
7,608
Minority Interest 1
-----------
Total stockholders' equity 7,609
-----------
Total liabilities and stockholders' equity 50,143
===========
(The accompanying notes are an integral part of these interim consolidated
financial statements)
Consolidated Statement of Income (Unaudited)
(All amounts in thousands of US Dollars, unless otherwise stated)
----------
For half year
ended
September 30,
2006
----------
Operating Revenue 3,122
Cost of sales (1,529)
----------
Gross profit 1,593
----------
Administrative expenses (2,007)
Distribution expenses (2)
Other income/(expenses) net 142
----------
Profit (Loss) from operations (274)
----------
Investment income 18
Finance costs (866)
----------
Profit (Loss) before tax (1,122)
----------
Income tax
Current tax expense (187)
----------
Net income (1,309)
----------
Earnings per share not annualised
Basic, in US$ (4.40)
Diluted, in US$ (4.40)
(The accompanying notes are an integral part of these interim consolidated
financial statements)
Consolidated Statement of Changes in Equity (Unaudited)
(All amounts in thousands of US Dollars, unless otherwise stated)
Particulars Equity Share Equity Portion Total Retained Total
Capital of OCCRPS Earnings
Balance as at
March 31, 2006 6,657 20 6,677 1155 7,832
Loss for the
year (1,309) (1,309)
Adjustments
due to change
in
shareholding 1,254 1,254
Currency
Translation
Adjustment (169) (169)
Balance as at
30 September
,2006 6,657 20 6,677 931 7,608
Consolidated Statement of Cash Flows (Unaudited)
(All amounts in thousands of US Dollars, unless otherwise stated)
For half year
ended
September 30,
2006
(A) Cash inflow/(outflow) from operating activities
Net loss before tax (1,122)
Adjustments to reconcile net income before tax to net cash provided by operating activities:
Depreciation and amortization 489
Interest expense 866
Interest income (121)
Dividend income (1)
-----------
Operating loss before working capital changes 111
-----------
Changes in operating assets and liabilities
Restricted cash (36)
Accounts receivable and other assets (8,204)
Inventory (152)
Accounts payable and other liabilities (3,767)
-----------
Net changes in operating assets and liabilities (12,159)
-----------
Direct Tax paid (187)
-----------
Net cash provided by operating activities (12,346)
===========
(B) Cash inflow/(outflow) from investing activities
(Purchase) of Fixed Assets (58)
Sale of Fixed Assets 32
(Additions) to capital work in progress (net) (4,331)
Purchase of Investments (823)
Sale of Investments 145
Miscellaneous expenses (18)
Interest received 121
Adjustments for change in controlling interest 17,724
Dividend Received 1
-----------
Net cash used in investing activities 12,793
===========
(C ) Cash inflow/(outflow) from financing activities
Proceeds from issue of Preference Shares in consolidated
entities 1830
Redemption of Preference Shares in consolidated entities (366)
Changes in minority interest (58)
Proceeds from Borrowings 19,419
Repayment of Borrowings (9,149)
Deferred Tax Liability (10)
Interest paid (866)
Adjustment for changes in Controlling Interest (8823)
-----------
Net cash provided by financing activities 1,977
===========
Net Increase in cash and cash equivalents 2,535
Effect of exchange rate changes on cash (162)
Cash and cash equivalents at the beginning of the year 4,954
Cash and cash equivalents at the end of the year 7,327
Cash and cash equivalents comprise
Cash in hand 904
Balances with banks 6,423
-----------
7,327
===========
(The accompanying notes are an integral part of these interim consolidated
financial statements)
Notes to Interim Consolidated Financial Statements (Unaudited)
(All amounts in thousands of US Dollars, unless otherwise stated)
NOTE A - BACKGROUND INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. NATURE OF OPERATIONS
KSK Energy Ventures Private Limited, domiciled in Hyderabad, India is engaged in
the business of development of power projects, asset management, and investment
in power projects. The registered office of KSK Energy Ventures Private Ltd is
located at 2A, Sony Apartments, 19, Rebello Road, Bandra (West), Mumbai, India.
The power projects are developed and implemented through the special purpose
vehicles formed for the said purpose. KSK Power Ventur Plc is a company
incorporated in the Isle of Man and is the ultimate holding company of the Group
listed on the AIM, engaged in the business of undertaking such investments in
various down stream opportunities.
2. GENERAL INFORMATION
KSK Power Ventur Plc is the ultimate holding company which, following the
re-organisation with effect from 7 November 2006 and its resultant ownership of
KSK Energy Ventures Private Limited is the holding company of the enlarged
group.
KSK Energy Ventures Private Limited, a private limited company, is the Group's
parent company prior to the reorganisation.
The interim consolidated financial statements of the Group for the six months
ended September 30, 2006 have been prepared in accordance with IAS 34 - Interim
Financial Reporting as developed and published by the International Accounting
Standards Board ('IASB'). The interim consolidated financial statements have
been prepared on a going concern basis. The interim consolidated financial
statements of the Group are prepared and presented in US Dollars (USD), the
Company's reporting currency. The Company's functional currency is Indian
Rupees. (INR) The Group has chosen to present the condensed balance sheet,
condensed income statement, condensed statement of cash flows and condensed
statement of changes in shareholders' equity along with selected explanatory
notes.
These financial statements do not include the comparative financial information
as required under IAS -34-Interim Financial Reporting ('IAS-34'). The Company
has been advised that in view of the listed entity being incorporated on 17 July
2006, the Company is not required to furnish such comparative figures and to
this extent the requirement of IAS -34 is not complied with.
These interim consolidated financial statements were approved by the Board of
Directors of the Company on 18 December 2006. Under the Indian financial
reporting framework, there is no restriction on the amendment or restatement of
these interim consolidated financial statements as approved by the Board of
Directors.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These interim consolidated financial statements have been prepared in accordance
with IFRS, using the same accounting policies that were applied on the
preparation of the annual consolidated financial statements for the year ended
31 March 2006.
4. BASIS OF CONSOLIDATION
The subsidiaries which are consolidated under KSK Energy Ventures Private
Limited comprise the entities listed below.
---------------------------- ------------- -------------
Name of the Entity Principal Activity Effective
Shareholding (%)
---------------------------- ------------- -------------
Bahur Power Company Private Limited Power Generation 100
KSK Natural Resource Ventures s Private
Limited Power Generation 100
KSK Energy Company Private Limited Power Generation 100
KSK Technology Ventures Private Limited Power Generation 100
Lakhpat Power Company Private Limited Power Generation 100
Marudhar Mining Private Limited Mining 74
Maithili Energy & Mining Private Limited Power Generation 100
Marudhar Power Private Limited Power Generation 100
Satna Power Company Private Limited Power Generation 100
Wardha Power Company Private Limited Power Generation 100
---------------------------- -------------- ------------
Interest in joint ventures
---------------------------- ------------- -----------
Name of the Entity Principal Activity Economic
Interest (%)
---------------------------- ------------- -----------
Arasmeta Captive Power Company Private Power Generation 2.68
Limited
Coromandel Electric Company Limited Power Generation 26.00
Kasargod Power Corporation Limited Power Generation 25.90
KSK Electricity Financing India Private
Limited Power Generation 51.02
RVK Energy Private Limited Power Generation 50.00
Sai Regency Power Corporation Private Limited Power Generation 3.70
---------------------------- ------------- ------------
All of the above entities are incorporated and operate in India and follow
uniform accounting policies.
5. BUSINESS COMBINATION
The Group acquired the entire shareholding in the following companies on 31 July
2006
Company Name Consideration
(US$)
Lakhpat Power Company Private Limited 2283
KSK Technology Ventures Private Limited 30485
KSK Energy Company Private Limited 2283
Wardha Power Company Private Limited 2283
Bahur Power Company Private Limited 2283
Satna Power Company Private Limited 2283
KSK Natural Resource Ventures Private Limited 2283
The Group, on 31 July 2006 acquired 74% shareholding in Marudhar Mining Private
Limited for consideration of US$ 1609.
On 18 September, 2006 the Group acquired shareholding of 10%, carrying 51.02% of
Voting Right in KSK Electricity Financing India Private Ltd. for a consideration
of US$2174.
On 31 July, 2006 the group had increased its shareholding from 79% in Maithili
Energy and Mining Private Limited to 100% for a consideration of US$ 2283
Further the Group on 31 August, 2006 had increased its shareholding in Marudhar
Power Private Limited from 84.69% to 100% for a consideration of US$56578
On 18 August 2006, the Group had increased its shareholding in RVK Energy
Private Limited from 25.5% to 50% for a consideration of US$ 750000
On 31 August, 2006 the Group decreased its shareholding in Sai Regency Power
Corporation Private Limited from 42.61% to 3.70% for a consideration of US$
1,209,393
On 31 August, 2006 the group decreased its shareholding in Arasmeta Captive
Power Company Private Ltd. from 26.79% to 2.68%. for a consideration of US$
254403
NOTE B- EARNINGS PER SHARE
The basic earnings per share for six months ended September 30, 2006 has been
calculated using the net results attributable to shareholders of the Company as
the numerator. None of the dilutive shares relate to interest or similar expense
recognisable in profit or loss for six months ended September 30, 2006.
Calculation of basic and diluted EPS is as follows:
Particulars Half year ended
September 30,
2006
Profit attributable to shareholders of
KSK, for basic and dilutive(US$'000) (1,309)
Weighted average numbers Shares
outstanding during the year for Basic 297,739
Basic Earnings per share (US$) (not
annualised) (4.40)
Diluted Earnings per share (US$) (not
annualised) (4.40)
The only potentially dilutive shares are the optionally convertible cumulative
redeemable preference shares. These shares are anti -dilutive as they would
decrease the earnings/(loss) per share. There is, therefore no difference
between the basic earnings/(loss) per share and diluted earnings/(loss) per
share. Diluted earnings per share is calculated by dividing the profit
attributable to ordinary shareholders by the weighted average number of ordinary
shares outstanding during the period adjusted for the effects of all potentially
dilutive shares.
NOTE C - RELATED PARTY TRANSACTIONS
The following are the related parties:
• Arasmeta Captive Power Company Private Limited
• Coromandel Electric Company Limited
• Kasargod Power Corporation Limited
• KSK Electricity Financing India Private Limited
• RVK Energy Private Limited
• Sai Regency Power Corporation Private Limited
• Bahur Power Company Private Limited
• KSK Natural Resource Ventures Private Limited
• KSK Energy Company Private Limited
• KSK Technology Ventures Private Limited
• Lakhpat Power Company Private Limited
• Marudhar Mining Private Limited
• Maithili Energy & Mining Private Limited
• Marudhar Power Private Limited
• Satna Power Company Private Limited
Key Management Personnel
Mr. S. Kishore Director
Mr. K.A. Sastry Director
Mr. V. Harikiran Director
Related parties with whom the company has transacted during the period
Summary of transactions with related parties during the half year ended 30th
September 2006
Nature of Holding Joint Key Management Balance
Transaction Company Venture Personnel Outstanding
US$'000 US$'000 US$'000 US$'000
-------- -------- --------- ----------
Share
Application
Money 222 222
------------- -------- -------- --------- ----------
Investments 50 7
------------- -------- -------- --------- ----------
Loans &
Advances paid 500 70
------------- -------- -------- --------- ----------
Receiving of
Services 3
------------- -------- -------- --------- ----------
Remuneration 110
------------- -------- -------- --------- ----------
NOTE D - COMMITMENTS AND CONTINGENCIES
A summary of the commitments and contingencies existing as at the balance sheet
date are as follows:
September 30,
2006(US$'000)
------------
Bank guarantees 4,015
Corporate guarantees 2,927
Letter of Credit Outstanding 1,027
Claims not acknowledged 4,663
Fuel related MGO liability 2,288
Capital Commitments 116,830
Fuel related Minimum Guaranteed Off-take (MGO) liability pertains to Kasargod
Power Corporation Ltd to the extent of US$ 2030000 and sales tax claim on the
price difference by the Fuel supplier to the extent of US$258000 in respect of
RVK Energy Private Limited. The Management does not believe that there is an
exposure as the MGO obligation in respect of Kasargod Power Corporation Ltd does
not apply in view of state utility curtailing the company from generation of
power.
NOTE E - SEGMENT REPORTING
Half Year ended 30 Sept 2006 Project Power Eliminations Total
Development generating
activities activities
US$'000 US$'000 US$'000 US$'000
Revenue
External Sales 102 3,020 0 3,122
Inter-segment
revenue 561 0 (561) 0
---------- -------- -------- --------
Total revenue 663 3,020 (561) 3,122
========== ======== ======== ========
Result
Segment Result (498) 643 (561) (415)
========== ======== ========
Other
Income(net) 142
Investment
Income 18
Finance Costs (866)
Profit Before
Tax (1,122)
Taxation Charge (187)
Net Profit for
the Half year
period (1,309)
Balancesheet as at 30 September 2006
Segment Assets 22,398 40,782 (13,038) 50,143
---------- -------- -------- --------
Total
Consolidated
Assets 50,143
========
Segment
Liabilities 15,511 34,131 (7,107) 42,534
---------- -------- -------- --------
Total
Consolidated
Liabilities 42,534
========
NOTE F - SUBSEQUENT EVENTS
(a ) KSK Energy Ventures Private Limited has allotted 90 million shares of Rs.10
/- each at a premium of Rs.7 per share aggregating to US$ 34,020,270 on 5
November 2006 to KSK Energy Limited (erstwhile company name of Bijlee Bharat
Holdings), Mauritius, pursuant to the resolution approved by the Board of
Directors on the same date. Further the Company has allotted 7% Optionally
Convertible Cumulative Redeemable Preference Shares of Rs.10/- each on 5
November 2006 at par for a consideration of US$ 6,670,640 to KSK Energy Limited
(erstwhile Company name of Bijlee Bharat Holdings), Mauritius.
(b) The Company made a buy back of 29,773,850 Equity shares of Rs.10/- each on 7
November 2006 at par for a value of US $ 6,619,935, pursuant to the resolution
for buy back approved by the members of the Company on 6 November 2006.
(c) The Company has redeemed 1,250,000, 11% Optionally Convertible Cumulative
Redeemable Preference Shares of Rs.10/- each on 7 November 2006 at par for a
consideration of US$277,926
(d) A petition filed by Arasmeta Captive Power Company Private Limited before
the Chhattisgarh State Electricity Regulatory Commission challenging the
cancellation of the permission, effected without giving any opportunity to the
said company was decided in favour of the Petitioner on 25 November 2006.
(e) A Coal Supply and Investment Agreement, valid for a period of 30 years, has
been signed on 16 November 2006, by the Company together with a wholly owned
subsidiary, Wardha Power Company Private Limited with Gujarat Mineral
Development Corporation for supply of Coal for the proposed 1000MW power plant
to be set up by Wardha Power Company Private Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 10th January 2025
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