Developments re Tender Offer for Indian Subsidiary

RNS Number : 5808P

KSK Power Ventur PLC

05 October 2011

 



5th October 2011

KSK Power Ventur plc
("KSK" or "the Company")

Developments with respect to tender offer for shares of Indian subsidiary

                                                                                                   
Further to the announcement dated 17^th May 2011, KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants and businesses across India, is pleased to announce that it has secured the necessary regulatory approvals from the Securities Exchange Board of India for its tender offer at a price of Rupees 125 per share to acquire up to an additional 20 per cent of the shares in KSK Energy Ventures Limited ("KSKEV"), its Indian subsidiary listed on the National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE").

Upon completion of the tender offer and assuming full acceptance, KSK's interest in KSKEV would consolidate further to 74.94 per cent.

Commenting on the development, Mr. T. L. Sankar, Non-executive Chairman of KSK said:

"The Company's effort to complete the tender offer to acquire an additional 20 per cent shareholding in KSKEV, in the current global circumstances, validates and reinforces the strong belief the KSK management has in the strong fundamentals and exciting business opportunities being pursued by KSKEV. This increased investment in KSKEV is expected to improve the overall financial position of KSK in the longer term. We are thankful for the support of various shareholders, banks and institutions which have supported the acquisition and financing thereto and made this offer a possibility.

The following is the revised schedule with respect to the tender offer:

Activity	ORIGINAL SCHEDULE	REVISED SCHEDULE
Date by which Letter of Offer to be dispatched to shareholders	Saturday, June 25, 2011	Friday, October 7, 2011
Date of opening of the Offer	Saturday, July 09, 2011	Wednesday, October 12, 2011
Last date for upward revision of the Offer	Tuesday, July 19, 2011	Tuesday, October 18, 2011
Last date for withdrawing acceptance of the Offer	Monday, July 25, 2011	Monday, October 24, 2011
Date of closing of the Offer	Thursday, July 28, 2011	Monday, October 31, 2011
Date by which the acceptance / rejection would be intimated and the corresponding payment for the acquired shares and /or the share certificate for the rejected shares will be dispatched.	Friday, August 12, 2011	Tuesday, November 15, 2011

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 / Adrian Trimmings	[phone]

 

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