Update on subsidiary

RNS Number : 6801I

KSK Power Ventur PLC

03 June 2014

 



3 June 2014  

KSK Power Ventur PLC

Update on subsidiary

KSK Power Ventur plc ("KSKPV") notes the recent press comment concerning KSK Energy Ventures Ltd ("KSKEV"), its Indian listed 74.94% subsidiary.

At the KSKEV shareholders' meeting on 24^th May 2014, the following resolutions were passed:

1.       Further issue of share capital to investors for an aggregate amount not exceeding Rs10000m.

2.       Preferential allotment of up to 150,000,000 warrants to KSK Energy Limited.

KSKEV has complied with the regulatory preparatory requirement and filed a Draft Placement Document with the local stock exchanges, that is available at http://www.nseindia.com/corporates/corporateHome.html?id=eqCorpActions.

Under Indian SEBI regulatory requirements, the maximum discount of any potential placing which would be permissible is at 5% to the average daily closing share price on Indian markets over the last two weeks of trading but further details on the placement are awaited and shall be notified upon availability.

For further information, please contact:

KSK Power Ventur plc

Mr. S. Kishore, Executive Director

Mr. K. A. Sastry, Executive Director [phone]

Arden Partners plc

Richard Day 44 (0)20 7614 5900

 

END

 

 

STRFJMRTMBTMMJI