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KSK Emrg India Energ (KEF)

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Monday 09 June, 2008

KSK Emrg India Energ

First Day of Dealings on AIM

RNS Number : 2230W
KSK Emerging India Energy Fund Ltd
09 June 2008
 



Not for release, publication or distribution in, or into, the United States, Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of South Africa.


Press Release

9 June 2008




KSK Emerging India Energy Fund Limited


('KEF' or 'the Fund')


First Day of Dealings on AIM and the CISX


KSK Emerging India Energy Fund Limited, an investment company focused on the Indian power and energy sector, today announces the commencement of dealings in its Ordinary Shares on the AIM Market of the London Stock Exchange plc ('AIM') and on the Channel Islands Stock Exchange ('CISX'). Grant Thornton Corporate Finance is acting as Nominated Adviser to the Fund and Liberum Capital Limited is acting as Financial Adviser and Broker. The stock market EPIC will be KEF.


Placing Statistics


Placing Price

100 pence

Market capitalisation of the Company at the Placing Price on Admission

£101 million

Number of Ordinary Shares in issue on Admission

101,000,000

Estimated initial Net Asset Value per Ordinary Share on Admission*

96 pence

Estimated initial Net Asset Value of the Company

£96.9 million

Estimated net proceeds of the Placing receivable by the Company

£96.9 million


* Figure obtained by dividing the estimated net proceeds of the Placing by the total number of Ordinary Shares in issue on Admission.


The net proceeds from the Placing will be invested by the Fund in accordance with its investment objective and strategy. No Placing Shares have been sold or are available in whole or in part to the public in the UK, or elsewhere except in accordance with local securities laws.


Tanmay Das, Non-Executive Director of KSK Emerging India Energy Fund Limited, said: 'We are delighted with the market's response to our strategy and the US$200 million raised represents the largest fundraising on AIM this year.  We are now well placed to launch the fund, deploy this capital quickly and grow our fund management business.


'Our investment pipeline continues to develop and we are confident of exposing the fund to a number of the future success stories in the sector, generating significant returns for shareholders along the way.'


- Ends -


For further information:

KSK Emerging India Energy Fund Limited


Tanmay Das, Non-Executive Director

Tel: +44 (0) 20 7398 7702


www.ksk-eiefund.com 


Grant Thornton Corporate Finance

(Nominated Adviser)


Philip Secrett

Tel: +44 (0) 20 7728 2578

philip.j.secrett@gtuk.com

www.gtuk.com


Liberum Capital Limited

(Financial Adviser and Broker)


Steve Pearce 

Tel: +44 (0) 20 3100 2224

steve.pearce@liberumcapital.com

www.liberumcapital.com


Media enquiries:

Abchurch Communications Limited


Henry Harrison-Topham / Justin Heath

Tel: +44 (0) 20 7398 7702

justin.heath@abchurch-group.com

www.abchurch-group.com


  The Fund


KSK Emerging India Energy Fund Limited is a newly incorporated Guernsey registered closed ended investment company established to make investments in companies engaged in the Indian power and energy sector. The Fund will target investment in businesses that operate across the Indian power and energy sector value chain including those involved in the development of the sector's infrastructure. Although the Fund's investments will primarily be focused on such businesses in India, the Fund may, if deemed appropriate, invest in companies that are based outside India but have the potential to benefit from the Indian power and energy sector. The Fund's objective is to target investment opportunities that have a projected realised IRR in excess of 20 per cent.


The Investment Manager and Investment Adviser


The Fund has appointed KSK Asset Management Services Private Limited to act as the Investment Manager to provide fund management and advisory services to the Fund and its subsidiaries ('the Group'). The Investment Manager has in turn appointed KSK Investment Advisor Private Limited to act as the Investment Adviser. Both the Investment Manager and the Investment Adviser are newly incorporated subsidiaries of KSK Power Ventur plc ('KSK'). The Group intends to benefit from the network, order book and investments made by KSK and through its prominent position in the Indian power market, KSK has identified a pipeline of proposed investments in the power and energy sector.


The directors of the Investment Adviser and its parent company, KSK, have an established background in the Indian power and energy sector as well as in project development and fund management having raised and managed the Small is Beautiful Fund, India's first energy sector focused private equity fund. The Directors consider that the Fund's relationship with KSK will provide it with multiple investment opportunities as evidenced by the Proposed Investments (summarised below).


Investment Rationale


The Indian economy is undergoing a process of transformation. During the last decade the service sector has led India's economic transformation and the Directors believe that India's future economic growth will be supported by infrastructure development with a major emphasis on the power and energy sector. The Directors consider that rapid economic growth has led to a substantial increase in demand for energy, the supply of which has not kept pace with demand.


  •  
The Government of India has found that the supply and availability of dependable and economical power will be vital to ensure the anticipated growth in Indian GDP, which puts reducing the deficit of power at the forefront of the political agenda. India’s economy has grown at an average rate of 7 per cent. in the decade since 1997 to 8.5 per cent in 2007. The Government of India has also stated an average GDP growth forecast of 8 to 9 per cent. over the next 5 years.
  •  
The growth in Indian annual GDP has led to a steady increase in foreign direct investment and investment from foreign institutional investors into India in the last two years. As the Indian economy grows, the requirement for private investment in the power and energy sector has, and will become, more acute. Accordingly, the Government of India has introduced investor friendly policies for the energy sector and as a result, there has been an increase in private investment into the power generation and oil and gas exploration.
  •  
In order to sustain India’s growth in GDP, the Indian Integrated Energy Policy and Plans of 2006 determined that India’s primary energy supply must increase by three to four times that of current levels in the next two decades. In terms of supply, KPMG in its Indian Energy Outlook publication found that India’s indigenous available energy resources remain under utilised.

 

 

 


The Directors consider that, with the increasing trend of crude oil prices and crude oil accounting for 31 per cent. of India's import bill (according to the Economic Survey 2007-08), together with growing emphasis for energy security, there is a compelling need for developing indigenous fuel sources including green energy sources.


Despite the effort to reduce the energy supply shortage in India, planned targets have historically not been met due to several factors including limited participation by the private sector in most energy related areas. The Directors consider that the sector has been transformed due to favourable government policies leading to private investment across the power and energy sector value chain, which has in turn led to improved performance of the incumbents by way of the growth in order books and increased profitability. In response to these favourable macro drivers, private sector companies are building up capacities and acquiring new skills to meet the growing needs of the developers.


The Directors consider that in addition to investing in Indian companies across the power and energy sector value chain, there is also a strong case for investing in energy related equipment manufacturers and service providers in relatively slow growing economies which are valued according to their low growth rates and provide such companies with access to the Indian market.


Furthermore, the Directors consider that due to current cost advantages and unique skills, India has the potential to be the manufacturing and design and engineering outsourcing hub for export markets, creating opportunities for private equity investment to be made into such targets.


Investment Objective and Strategy


The objective of the Fund is to generate long-term capital growth for its shareholders through diversified exposure to an actively managed portfolio of investments into companies engaged in the Indian power and energy sector value chain. The Fund will target predominantly unlisted companies with strong growth prospects and experienced management teams that require capital for growth. The Fund's investment strategy will be focused across the entire value chain of the Indian power and energy sector.


The Fund will primarily target investment in growth capital companies (such as companies engaged in manufacture of equipment and providers of engineering, design and construction services), and stable cash flow businesses (such as special purpose vehicles engaged in implementing, funding, owning, operating and maintaining specific upstream and midstream assets). The Fund will not develop and invest in power generation projects in India developed by the KSK Group or Mr. Kishore or Mr. Sastry, the promoters of KSK.


Any investment made by the Fund will be sourced by the Investment Adviser and will take the form of either a direct investment or a co-investment alongside a member of the KSK Group.


Proposed Investments


As at the date of this announcement, the KSK Group has made two investments in companies with an aggregate investment cost of approximately US$31 million, has entered into letter agreements for a further investment of approximately US$10 million and is in various stages of negotiation for a further eleven investments. Of the two companies in which the KSK Group currently holds an equity interest, the KSK Group will offer those investments to the Fund at cost as soon as practicable following Admission. The completion of an investment by the Fund in any of the Proposed Investments will depend upon, inter alia, completion of satisfactory due diligence, execution of mutually satisfactory legally binding agreements and Board consent. As such, there is no guarantee that the Fund will make investments into all or any of the Proposed Investments.


Board of Directors


The Directors have overall responsibility for the Funds' activities including the review of its investment decisions, activities and performance. They have primary responsibility for determining the Fund's overall investment objectives, strategy and policies and for implementing the Fund's investment policies. The Board is also responsible for supervising and reviewing the activities of the Investment Manager. The Board will meet at least four times a year to review the Fund's investment strategy and policies. All of the Directors are non-executive and independent save for Tanmay Das and Scott Bayman who are directors of the Investment Adviser and KSK respectively.


The articles of association provide that the Chairman, currently Michael Liston, will have a casting vote.


Michael Liston OBE, age 56

Mr. Liston is chief executive of Jersey Electricity Company Limited which is listed on the main market of the London Stock Exchange. He joined in 1986 as chief engineer and became managing director in 1993. He previously held a number of senior posts in the United Kingdom's electricity supply industry. He is chairman of Channel Islands Electricity Grid Limited, non-executive chairman of AIM traded, Renewable Energy Generation Limited, chairman of Foreshore Limited and non-executive chairman of Jersey Post International Limited. Mr. Liston is a Fellow of the Royal Academy of Engineering, a Fellow of the Institution of Engineering and Technology and a Member of its Audit and Disciplinary Committees. He is a Companion of the Chartered Management Institute and past chairman of its Jersey branch. He was appointed by the States of Jersey in 2002 as chairman of the Jersey Appointments Commission.


Scott Bayman, age 61

Mr. Bayman served over 13 years as president and chief executive officer of General Electric India, transforming a company with US$100 million turnover and a few hundred employees to one that represents all of GE's global businesses in India with a turnover of almost US$3 billion and over 13,000 employees in 2007. He is an independent non-executive director of KSK as well as being a member of the Board of the U.S. India Business Council, a trustee for Aspen India, past chairman of the American Chamber of Commerce India and sits on the corporate boards of Crompton Greaves Limited, Punj Lloyd Limited and Jubilant Energy NV.


Tanmay Das, age 37

Mr. Das has a bachelor's degree in electrical engineering and a postgraduate diploma in management from the Xavier's Institute of Management. He has worked in the Industrial Finance Corporation of India Limited, as credit officer in the area of project finance. Mr. Das joined KSK in December 1999. He held the position of chief financial officer, where, in addition to performing his role of capital budgeting, control, compliance and raising capital, was actively involved in the strategic decision making of KSK. He was instrumental in the launch of KSK's asset management business, being actively involved in raising and deployment of the ''Small is Beautiful'' fund. He has also been chief executive officer of the KSK's hydro business group. Currently, Mr. Das is on the board of KSK Energy Ventures Limited, KSK's operating subsidiary, as an executive director, and is responsible for KSK's asset management business.

  

Huw Evans, age 50

Mr. Evans has extensive experience in the financial services industry. He qualified as a chartered accountant with Peat, Marwick Mitchell (which became part of KPMG) and subsequently worked in corporate finance at Schroders. In 1986 Mr Evans joined Phoenix Securities where he worked for twelve years in London advising companies principally in the financial services industry on mergers and acquisitions and more general corporate strategy. He advised companies in a wide variety of sectors, including asset management, stockbroking, insurance and insurance broking and banking. Mr. Evans is a non-executive director of European Capital Limited, a private equity fund listed on the main market of the London Stock Exchange. He is resident in Guernsey.


The Investment Manager


The Investment Manager is a newly incorporated Mauritius GBC1 company and is a wholly owned subsidiary of KSK. The directors of the Investment Manager comprise Mr. Abdool Quaiyoom Goolam Dustagheer, Ms. Ambika Purmessur and Mr. Mrunmay Das. Full biographies are set out in the Admission Document.


The Investment Adviser


The Investment Adviser is a newly incorporated Indian company and a wholly owned subsidiary of KSK Energy Company Private Limited, a subsidiary of KSK. The directors of the Investment Adviser are Sethuraman Kishore, Kolluri Ayyappa Sastry, and Tanmay Das. Full biographies are set out in the Admission Document.


Disclaimer


This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia, Japan, Israel, the Republic of Ireland or the Republic of South Africa or any other jurisdiction in which the same would be unlawful. This press release is not an offer of securities for sale in or into the United StatesCanadaAustraliaJapanIsrael, the Republic of Ireland or the Republic of South Africa. This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any Ordinary Shares of the Fund.


Interests in the Fund may not be offered directly to members of the public in the Bailiwick of Guernsey. The 'public' means any person not regulated under any of Guernsey's financial services regulatory laws within the Bailiwick of Guernsey.


Some of the information contained in this press release contains statements that are, or may be deemed to be forward-looking statements. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are, by their nature, subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. We caution you not to rely on any such statements as statements of historical fact or as guarantees or assurances of future performance. Save as required by law, by the AIM Rules, by the CISX Rules or by the Listing Rules, Disclosure and Transparency Rules or Prospectus Rules of the Financial Services Authority, we undertake no obligation publicly to release the results of any revisions and updates to any forward-looking statements in this press release that may occur due to any change in our expectations or to reflect events or circumstances after the date of this press release. 



This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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