Last checked at 31 Mar 2010 08:07
31 March 2010
KSK Power Ventur plc
("KSK" or "the Company")
First Day of Dealings
KSK Power Ventur plc announces that its ordinary shares ("Ordinary Shares") have today been admitted to a secondary listing on the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange for listed securities (the "Introduction"). Simultaneously, trading in the Company's Ordinary Shares on AIM has ceased. The Company's Ordinary Shares will trade under the ticker 'KSK' and the Company's ISIN (being IM00B1G29327) will remain unchanged.
The prospectus on the Introduction is available for viewing on the Company's website at http://www.ksk.co.in/Prospectus_Secondary_List.pdf. A copy has also been submitted to the Financial Services Authority for publication through the document viewing facility which is situated at The Financial Services Authority, 25 North Colonnade, Canary Wharf, London, E14 5HS.
Arden Partners plc has been appointed as financial adviser in relation to the Introduction and will continue to act as financial adviser and broker to the Company.
Commenting on the move to the Main Market of the London Stock Exchange, Mr. T L Sankar, Chairman of KSK, said:
"AIM has been an excellent platform to support KSK's development to date. With a market capitalisation today of over £800 million, KSK is one of the largest companies listed on AIM. We believe that moving the listing of our shares to the Main Market of the London Stock Exchange is a significant step and appropriate at this time as we are entering a significant new phase of development and growth initiatives at KSK.
"In addition to the three operating power plants of Arasmeta, Sai Regency and Sitapuram, three further plants VS Lignite, Wardha Warora and Arasmeta Expansion are expected to be commissioned during the next few months and commence power generation, taking the cumulative operating power plant capacity under the Group to over 862 MW.
"Further, continual progress on the 3,600 MW Wardha Chhattisgarh power project along with the 130 MW KSK Dibbin project is being made by KSK Energy Venture Limited, alongside underlying progress by the Government companies on fuel supply and other infrastructure which, could take the cumulative fully financed, operating power plant capacity being operated by the Group to over 4,500 MW during 2013. This level of power generation would make KSK one of the largest private power plant operators in India.
"Also, the continual progress being made developing the Group's mineral interests and solar power opportunities could significantly increase business activities in the coming years and diversify the activities of KSK."
For further information please contact:
KSK Power Ventur plc +91 40 2355 9922
Mr. S. Kishore, Executive Director
Mr. K. A. Sastry, Executive Director
Arden Partners plc +44 (0)20 7614 5900
Richard Day / Steven Douglas / Adrian Trimmings
Financial Dynamics +44(0)20 7269 7157
Jonathan Brill / Billy Clegg / Ed Westropp