Last checked at 5 Oct 2011 07:00
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 17th 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
| +91 40 2355 9922 |
Arden Partners plc Richard Day / Adrian Trimmings
| +44 (0)20 7614 5900 |