Ksk Power Regulatory News (KSK)

20 Dec 2006 07:01

KSK Power Ventur PLC20 December 2006 For Immediate Release 20th December 2006 KSK Power Ventur plc ("KSK", the "Company" or the " Group") Maiden interim results for the six months ended 30 September 2006 Introduction KSK Power Ventur plc (AIM: KSK.L), the power project development company withinterests in multiple power plants across India, floated on the AIM market ofthe London Stock Exchange in November 2006, raising £30.9 million. The company today announces its maiden interim financial results for the sixmonths ended 30 September 2006. Highlights: •Successful flotation on AIM raising £30.9 m •Consolidated Revenues of USD 3.12 million; gross profit of USD 1.59 million*; net loss of USD 1.3 million** €43 MW Arasmeta Captive power plant for Lafarge India became fully operational during the period •Captive power plants of Sai Regency & Sitapuram are progressing well and are expected to be operational before end of the financial year •Additional expansion to double the size of the current 43MW power plant in Arasmeta •Government of India's economic growth projections for the country have risen to more than 9% per year * after cost of sales but before administrative, financing and Depreciationexpenses ** after all expenses including taxes Commenting on the results, T L Sankar, Chairman of KSK said: "Since our successful IPO we have continued to maintain momentum in the furtherdevelopment of all of our projects, as well as making further progress in ourcore fuel supply relationships. The buoyant Indian economy continues to underpinour growth and is showing signs of further acceleration. In the past six monthswe have seen the completion of the Arasmeta captive power plant for Lafarge andthe further development of our first hydro electric plant initiative. "These are exciting times for the Company and with additional power plants dueto open in the second half, and a number of further projects underway, we remainconfident in our growth prospects and in our ability to meet expectations forthe full year." For further information, please contact: www.ksk.co.in KSK Power Ventur plc +(91) 40 2355 9922 - 25S. Kishore, Executive DirectorK.A. Sastry, Executive Director Arden Partners 020 7398 1632Richard Day/Steve Pearce Hogarth Partnership Limited 020 7357 9477Nick Denton/Barnaby Fry KSK Power Ventur plc Maiden interim results for the six months ended 30 September 2006 Introduction KSK Power Ventur plc (AIM: KSK.L), the power project development company withinterests in multiple power plants across India, floated on the AIM market ofthe London Stock Exchange in November 2006 raising GBP 30.9 million. The Company today announces its maiden interim results for the six months ended30 September 2006. Corporate In line with its strategy for growth, KSK is involved in working with majorinternational and Indian businesses and distribution companies to ensure thatthey have access to dependable and cost effective sources of electrical power.The addition of large power generating capacity is essential for achieving theanticipated economic growth across the Indian continent and the Companycontinues to undertake the necessary and extensive groundwork required to setupmultiple power plants and address the opportunities available to it, both inIndia and overseas. Operations Update The process of power project development involves key activities such as theidentification of suitable development opportunities, the location ofappropriate fuel supply, securing necessary equity and debt financingarrangements for the projects, undertaking ground work on the physical projectexecution and negotiating power sales arrangements with corporate consumers.Upon completion of these implementation stages, each project commences powergeneration and energy supply. Since the company formation six projects have beencompleted and of these five are under the management of KSK. The Company iscurrently working on a number of projects with a generating capacity each ofbetween 40MW and 500MW with commissioning dates between 2008 and 2010. Theaggregate capacity of the Group pipeline under pursuit is now likely to exceed3200 MW, much above the anticipated levels. During the period under review, the 43 MW Arasmeta Captive power plant forLafarge India became operational. The Company is also expecting to commissionthe 58 MW Sai Regency Power with power supplies to multiple Industrial customersin the state of Tamil Nadu and the 43 MW Sitapuram Power with entire powersupplies to two cement production units of Ciments Francais in the state ofAndhra Pradesh during the second half of the current financial year In addition, the 15 MW Avantika Hydro Sapthadhara hydro electric power plant inthe state of Orissa and the 135 MW Marudhar power plant in the state ofRajasthan have secured in-principle sanctions for the entire debt financing andagreements for disbursements of such debt financing is expected to be completedduring second half. In both of these projects, contracts for Engineering,Procurement and Construction (EPC) have also been awarded to various third partyproviders. In the case of the 135 MW Marudhar power plant, letters of Intent (LOI) has beenreceived from multiple industrial power consumers for the entire power supplycapacity of the plant. Financial Review Further to the successful flotation on AIM in November 2006 and pursuant to thescheme of reorganisation as outlined in the AIM admission document, KSK PowerVentur plc (KSK) acquired 100% of the equity interest in KSK Energy Ventures Ltd(KSK India) on 7 November 2006 (after the Company buyback of shares fromexisting shareholders). Accordingly, no holding company relationship existedbetween KSK & KSK India on the reporting date of 30 September 2006. These interim results provide the financial position of KSK India as of 30September 2006. Consolidated financial information on KSK India for the sixmonths period ended 30 September 2006 have been prepared under InternationalFinancial Reporting Standards ("IFRS") for the purpose of reporting theseinterim results. The consolidated revenue of KSK India stood at USD 3.12 million almost entirelycomprised from revenues arising from power generation in the underlying SPV's Against such revenue, the Company recorded a gross profit of USD 1.59 millionafter costs of sales but before administrative, financing and depreciationexpenses, and a net loss of USD 1.3 million after all expenses including taxes.This position primarily arose on some significant contracts falling due in thesecond half of the Company's financial year and accruing to KSK from projects intheir development stage, significant administrative and financing costsattributable to project setup being charged off against profits, and projectsbecoming operational only part way through the period etc. This position isessentially derived from the long gestation nature of power project developmentactivity. However, the Company is confident of achieving the financialprojections for the Company's full financial year and beyond. Outlook With the Government of India's economic growth projections for the country nowrising to more than 9% on a yearly basis from the previous 8%, the potential forthe Company's growth initiatives should be further enhanced. Lafarge has confirmed its interest in favour of KSK for an expansion of thecurrent 43MW power plant in Arasmeta. This initiative in the same location hasreinforced the Company's strong performance in the captive power plant segment.The Company anticipates that development activity on this expansion projectshall see further progress in the near future. The Company is also pleased to report significant progress on other projects inthe pipeline, notably the first phase of a 2X135 MW power plant in Maharashtraof Wardha power, based on the fuel supply agreement entered into with GMDC forthe supply of coal. The Company anticipates potential for further power plantcapacity in the state of Chattisgarh and has initiated the necessary developmentwork. Continuing the Company's effort to secure fuel resources to support its multiplepower plants needs, the Company has identified additional fuel resource blocks,recently notified by the Government of India in November 2006. In addition to power plant opportunities using fossil fuel, the Company is alsopursuing renewable energy resources for its plants, the majority of which arecurrently hydroelectric power plant projects. The Company is pleased to reportinitial pre-development activity of hydroelectric projects in various statesacross Northern and North-Eastern India and the neighbouring country of Nepal,working alongside identified strategic partners and co-developers in theseregions. The Board remain confident in the Group's growth prospects and in our ability tomeet expectations for the full year Interim Consolidated Financial Statements prepared in accordance withInternational Financial Reporting Standards KSK Power Ventur plc, Isle of Man September 30, 2006 Consolidated Financial Information as at 30th September 2006 Notes £Cash 2 -------Net Current Assets 2 ======= Represented by:Issued , Allotted and Paid up:Ordinary shares of £ 1 each 3 2 ======== Notes to the financial information Accounting Policies The information has been prepared in accordance with applicable accountingstandards and under the historical cost convention. Income Statement No income statement has been presented as the company did not trade during theperiod. Share capital The Company was incorporated on 17 July 2006 with an authorised share capital of£ 2,000 comprising 2,000 ordinary shares of £ 1 each. On incorporation thecompany issued 2 ordinary shares. Bijlee Bharat Holdings was incorporated on 14 June 2005 with one ordinary shareof US$ 1. This was purchased by KSK Power Ventur Plc on 15 September 2006 for aconsideration of $1. Bijlee Bharat Holdings' share capital of US$1 and thecorresponding investment in Balance Sheet of KSK Power Ventur Plc with anequivalent value of US$1 were eliminated on consolidation. Bijlee Bharat Holdings is a 100% owned subsidiary of KSK Power Ventur Plc. Post Balance Sheet events On 4 October 2006, KSK Power Ventur plc has subdivided the 2 ordinary shares of£1 each into 2000 ordinary shares of c 0.1each fully paid. On 17 October 2006 the Company allotted 99,998,000 ordinary shares to Sayi PowerEnergy Limited for a consideration of £99,998. On 5 November 2006 Bijlee Bharat Holdings acquired 90,000,000 equity shares ofINR 10 each in KSK Energy Ventures Private Limited at a price of INR 17 each fora consideration of INR 1530 Millions equivalent to US$ 34,020,270 and 7%,30,000,000 Optionally Convertible Cumulative Preference shares of INR 10 eachfor a consideration of INR 300 Millions equivalent to US$ 6,670,640. On 7November 2006, KSK Energy Ventures Private Limited had made a buy back of theexisting equity shares of 29,773,850 of INR 10 each for a consideration of INR297,738,500 equivalent to US$ 6,619,935 and redeemed 11% 1,250,000, OptionallyConvertible Cumulative Redeemable Preference shares of INR 10 each for aconsideration INR 12,500,000 equivalent to US$277,926, both at par. The name of Bijlee Bharat Holdings, Mauritius has been changed to KSK EnergyLimited with effect from 22 November 2006. Following the above buyback of equityshares, KSK Power Venture Plc is the 100% holding company of KSK Energy Limited(erstwhile company name of Bijlee Bharat Holdings), Mauritius , who in turn hold100% equity in KSK Energy Ventures Private Limited, India from 7 November 2006. The consolidated financial statements of KSK Energy Ventures Private Limited ason 30 September 2006 are appended along with this statement. These results arenot consolidated in the financial statements of the Company since no controllinginterest existed as on 30 September 2006, the period for which the interimfinancial reporting is made. Comparative statements: No comparative statements were prepared for the appended interim statements ofKSK Energy Ventures Private Limited as KSK Power Ventur plc, the listed entitycame into existence only from 17 July 2006. Interim Consolidated Financial Statements prepared in accordance withInternational Financial Reporting Standards (Unaudited) KSK Energy Ventures Private Limited, India September 30, 2006 Consolidated Balance Sheet (Unaudited) (All amounts in thousands of US Dollars, unless otherwise stated) ------------ As at September 30, 2006 ------------ ------------CurrentCash and cash equivalents 7,327Restricted cash 88Accounts receivable, net 1,259Inventories 441Other current assets 16,451Available for sale investments 11 ------------Total current assets 25,577 ------------Non currentProperty, plant and equipment, net 22,716Goodwill 125Investments 218Available for Sale Investments 1,507 ------------Total non current assets 24,566 ------------Total assets 50,143 ============ LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesAccounts payable 3,462Current tax liabilities, net of advances 699Current portion of long term debt 17,819Other liabilities 3,646 ------------Total current liabilities 25,626 ------------Non currentLong term debt, net of current portion 9,250Redeemable Preference shares of joint ventures 2,311Debt Component of Optionally Convertible CumulativeRedeemable Preference Shares ("OCCRPS") 264Employee obligations 57Deferred tax liabilities 2Other liabilities 5,024 ------------Total non current liabilities 16,908 ------------Total liabilities 42,534 ------------ Consolidated Balance Sheet (Unaudited) (Contd..) (All amounts in thousands of US Dollars, unless otherwise stated) ------------ As at September 30, 2006 ------------ Stockholders' equityCommon stock 6,677Translation reserve (169)Accumulated earnings 1,100 ----------- 7,608Minority Interest 1 -----------Total stockholders' equity 7,609 -----------Total liabilities and stockholders' equity 50,143 =========== (The accompanying notes are an integral part of these interim consolidatedfinancial statements) Consolidated Statement of Income (Unaudited) (All amounts in thousands of US Dollars, unless otherwise stated) ---------- For half year ended September 30, 2006 ---------- Operating Revenue 3,122Cost of sales (1,529) ----------Gross profit 1,593 ---------- Administrative expenses (2,007)Distribution expenses (2)Other income/(expenses) net 142 ----------Profit (Loss) from operations (274) ---------- Investment income 18Finance costs (866) ----------Profit (Loss) before tax (1,122) ----------Income taxCurrent tax expense (187) ----------Net income (1,309) ---------- Earnings per share not annualisedBasic, in US$ (4.40)Diluted, in US$ (4.40) (The accompanying notes are an integral part of these interim consolidatedfinancial statements) Consolidated Statement of Changes in Equity (Unaudited) (All amounts in thousands of US Dollars, unless otherwise stated) Particulars Equity Share Equity Portion Total Retained Total Capital of OCCRPS Earnings Balance as atMarch 31, 2006 6,657 20 6,677 1155 7,832Loss for theyear (1,309) (1,309)Adjustmentsdue to changeinshareholding 1,254 1,254CurrencyTranslationAdjustment (169) (169)Balance as at30 September,2006 6,657 20 6,677 931 7,608 Consolidated Statement of Cash Flows (Unaudited) (All amounts in thousands of US Dollars, unless otherwise stated) For half year ended September 30, 2006 (A) Cash inflow/(outflow) from operating activities Net loss before tax (1,122) Adjustments to reconcile net income before tax to net cash provided by operating activities: Depreciation and amortization 489Interest expense 866Interest income (121)Dividend income (1) -----------Operating loss before working capital changes 111 -----------Changes in operating assets and liabilitiesRestricted cash (36)Accounts receivable and other assets (8,204)Inventory (152)Accounts payable and other liabilities (3,767) -----------Net changes in operating assets and liabilities (12,159) -----------Direct Tax paid (187) -----------Net cash provided by operating activities (12,346) =========== (B) Cash inflow/(outflow) from investing activities (Purchase) of Fixed Assets (58)Sale of Fixed Assets 32(Additions) to capital work in progress (net) (4,331)Purchase of Investments (823)Sale of Investments 145Miscellaneous expenses (18)Interest received 121Adjustments for change in controlling interest 17,724Dividend Received 1 -----------Net cash used in investing activities 12,793 =========== (C ) Cash inflow/(outflow) from financing activities Proceeds from issue of Preference Shares in consolidatedentities 1830Redemption of Preference Shares in consolidated entities (366)Changes in minority interest (58)Proceeds from Borrowings 19,419Repayment of Borrowings (9,149)Deferred Tax Liability (10)Interest paid (866)Adjustment for changes in Controlling Interest (8823) -----------Net cash provided by financing activities 1,977 =========== Net Increase in cash and cash equivalents 2,535Effect of exchange rate changes on cash (162)Cash and cash equivalents at the beginning of the year 4,954Cash and cash equivalents at the end of the year 7,327 Cash and cash equivalents compriseCash in hand 904Balances with banks 6,423 ----------- 7,327 =========== (The accompanying notes are an integral part of these interim consolidatedfinancial statements) Notes to Interim Consolidated Financial Statements (Unaudited) (All amounts in thousands of US Dollars, unless otherwise stated) NOTE A - BACKGROUND INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. NATURE OF OPERATIONS KSK Energy Ventures Private Limited, domiciled in Hyderabad, India is engaged inthe business of development of power projects, asset management, and investmentin power projects. The registered office of KSK Energy Ventures Private Ltd islocated at 2A, Sony Apartments, 19, Rebello Road, Bandra (West), Mumbai, India.The power projects are developed and implemented through the special purposevehicles formed for the said purpose. KSK Power Ventur Plc is a companyincorporated in the Isle of Man and is the ultimate holding company of the Grouplisted on the AIM, engaged in the business of undertaking such investments invarious down stream opportunities. 2. GENERAL INFORMATION KSK Power Ventur Plc is the ultimate holding company which, following there-organisation with effect from 7 November 2006 and its resultant ownership ofKSK Energy Ventures Private Limited is the holding company of the enlargedgroup. KSK Energy Ventures Private Limited, a private limited company, is the Group'sparent company prior to the reorganisation. The interim consolidated financial statements of the Group for the six monthsended September 30, 2006 have been prepared in accordance with IAS 34 - InterimFinancial Reporting as developed and published by the International AccountingStandards Board ('IASB'). The interim consolidated financial statements havebeen prepared on a going concern basis. The interim consolidated financialstatements of the Group are prepared and presented in US Dollars (USD), theCompany's reporting currency. The Company's functional currency is IndianRupees. (INR) The Group has chosen to present the condensed balance sheet,condensed income statement, condensed statement of cash flows and condensedstatement of changes in shareholders' equity along with selected explanatorynotes. These financial statements do not include the comparative financial informationas required under IAS -34-Interim Financial Reporting ("IAS-34"). The Companyhas been advised that in view of the listed entity being incorporated on 17 July2006, the Company is not required to furnish such comparative figures and tothis extent the requirement of IAS -34 is not complied with. These interim consolidated financial statements were approved by the Board ofDirectors of the Company on 18 December 2006. Under the Indian financialreporting framework, there is no restriction on the amendment or restatement ofthese interim consolidated financial statements as approved by the Board ofDirectors. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These interim consolidated financial statements have been prepared in accordancewith IFRS, using the same accounting policies that were applied on thepreparation of the annual consolidated financial statements for the year ended31 March 2006. 4. BASIS OF CONSOLIDATION The subsidiaries which are consolidated under KSK Energy Ventures PrivateLimited comprise the entities listed below. ---------------------------- ------------- -------------Name of the Entity Principal Activity Effective Shareholding (%) ---------------------------- ------------- ------------- Bahur Power Company Private Limited Power Generation 100KSK Natural Resource Ventures s PrivateLimited Power Generation 100KSK Energy Company Private Limited Power Generation 100KSK Technology Ventures Private Limited Power Generation 100Lakhpat Power Company Private Limited Power Generation 100Marudhar Mining Private Limited Mining 74Maithili Energy & Mining Private Limited Power Generation 100Marudhar Power Private Limited Power Generation 100Satna Power Company Private Limited Power Generation 100Wardha Power Company Private Limited Power Generation 100---------------------------- -------------- ------------ Interest in joint ventures ---------------------------- ------------- -----------Name of the Entity Principal Activity Economic Interest (%) ---------------------------- ------------- ----------- Arasmeta Captive Power Company Private Power Generation 2.68LimitedCoromandel Electric Company Limited Power Generation 26.00Kasargod Power Corporation Limited Power Generation 25.90KSK Electricity Financing India PrivateLimited Power Generation 51.02RVK Energy Private Limited Power Generation 50.00Sai Regency Power Corporation Private Limited Power Generation 3.70---------------------------- ------------- ------------ All of the above entities are incorporated and operate in India and followuniform accounting policies. 5. BUSINESS COMBINATION The Group acquired the entire shareholding in the following companies on 31 July2006 Company Name Consideration (US$)Lakhpat Power Company Private Limited 2283KSK Technology Ventures Private Limited 30485KSK Energy Company Private Limited 2283Wardha Power Company Private Limited 2283Bahur Power Company Private Limited 2283Satna Power Company Private Limited 2283KSK Natural Resource Ventures Private Limited 2283 The Group, on 31 July 2006 acquired 74% shareholding in Marudhar Mining PrivateLimited for consideration of US$ 1609. On 18 September, 2006 the Group acquired shareholding of 10%, carrying 51.02% ofVoting Right in KSK Electricity Financing India Private Ltd. for a considerationof US$2174. On 31 July, 2006 the group had increased its shareholding from 79% in MaithiliEnergy and Mining Private Limited to 100% for a consideration of US$ 2283 Further the Group on 31 August, 2006 had increased its shareholding in MarudharPower Private Limited from 84.69% to 100% for a consideration of US$56578 On 18 August 2006, the Group had increased its shareholding in RVK EnergyPrivate Limited from 25.5% to 50% for a consideration of US$ 750000 On 31 August, 2006 the Group decreased its shareholding in Sai Regency PowerCorporation Private Limited from 42.61% to 3.70% for a consideration of US$1,209,393 On 31 August, 2006 the group decreased its shareholding in Arasmeta CaptivePower Company Private Ltd. from 26.79% to 2.68%. for a consideration of US$254403 NOTE B- EARNINGS PER SHARE The basic earnings per share for six months ended September 30, 2006 has beencalculated using the net results attributable to shareholders of the Company asthe numerator. None of the dilutive shares relate to interest or similar expenserecognisable in profit or loss for six months ended September 30, 2006. Calculation of basic and diluted EPS is as follows: Particulars Half year ended September 30, 2006 Profit attributable to shareholders ofKSK, for basic and dilutive(US$'000) (1,309)Weighted average numbers Sharesoutstanding during the year for Basic 297,739Basic Earnings per share (US$) (notannualised) (4.40)Diluted Earnings per share (US$) (notannualised) (4.40) The only potentially dilutive shares are the optionally convertible cumulativeredeemable preference shares. These shares are anti -dilutive as they woulddecrease the earnings/(loss) per share. There is, therefore no differencebetween the basic earnings/(loss) per share and diluted earnings/(loss) pershare. Diluted earnings per share is calculated by dividing the profitattributable to ordinary shareholders by the weighted average number of ordinaryshares outstanding during the period adjusted for the effects of all potentiallydilutive shares. NOTE C - RELATED PARTY TRANSACTIONS The following are the related parties: • Arasmeta Captive Power Company Private Limited • Coromandel Electric Company Limited • Kasargod Power Corporation Limited • KSK Electricity Financing India Private Limited • RVK Energy Private Limited • Sai Regency Power Corporation Private Limited • Bahur Power Company Private Limited • KSK Natural Resource Ventures Private Limited • KSK Energy Company Private Limited • KSK Technology Ventures Private Limited • Lakhpat Power Company Private Limited • Marudhar Mining Private Limited • Maithili Energy & Mining Private Limited • Marudhar Power Private Limited • Satna Power Company Private Limited Key Management Personnel Mr. S. Kishore DirectorMr. K.A. Sastry DirectorMr. V. Harikiran Director Related parties with whom the company has transacted during the period Summary of transactions with related parties during the half year ended 30thSeptember 2006 Nature of Holding Joint Key Management BalanceTransaction Company Venture Personnel Outstanding US$'000 US$'000 US$'000 US$'000 -------- -------- --------- ----------ShareApplicationMoney 222 222------------- -------- -------- --------- ----------Investments 50 7------------- -------- -------- --------- ----------Loans &Advances paid 500 70------------- -------- -------- --------- ----------Receiving ofServices 3------------- -------- -------- --------- ----------Remuneration 110------------- -------- -------- --------- ---------- NOTE D - COMMITMENTS AND CONTINGENCIES A summary of the commitments and contingencies existing as at the balance sheetdate are as follows: September 30, 2006(US$'000) ------------Bank guarantees 4,015Corporate guarantees 2,927Letter of Credit Outstanding 1,027Claims not acknowledged 4,663Fuel related MGO liability 2,288Capital Commitments 116,830 Fuel related Minimum Guaranteed Off-take (MGO) liability pertains to KasargodPower Corporation Ltd to the extent of US$ 2030000 and sales tax claim on theprice difference by the Fuel supplier to the extent of US$258000 in respect ofRVK Energy Private Limited. The Management does not believe that there is anexposure as the MGO obligation in respect of Kasargod Power Corporation Ltd doesnot apply in view of state utility curtailing the company from generation ofpower. NOTE E - SEGMENT REPORTING Half Year ended 30 Sept 2006 Project Power Eliminations Total Development generating activities activities US$'000 US$'000 US$'000 US$'000RevenueExternal Sales 102 3,020 0 3,122Inter-segmentrevenue 561 0 (561) 0 ---------- -------- -------- --------Total revenue 663 3,020 (561) 3,122 ========== ======== ======== ======== ResultSegment Result (498) 643 (561) (415) ========== ======== ======== OtherIncome(net) 142InvestmentIncome 18Finance Costs (866)Profit BeforeTax (1,122)Taxation Charge (187)Net Profit forthe Half yearperiod (1,309) Balancesheet as at 30 September 2006 Segment Assets 22,398 40,782 (13,038) 50,143 ---------- -------- -------- --------TotalConsolidatedAssets 50,143 ======== SegmentLiabilities 15,511 34,131 (7,107) 42,534 ---------- -------- -------- --------TotalConsolidatedLiabilities 42,534 ======== NOTE F - SUBSEQUENT EVENTS (a ) KSK Energy Ventures Private Limited has allotted 90 million shares of Rs.10/- each at a premium of Rs.7 per share aggregating to US$ 34,020,270 on 5November 2006 to KSK Energy Limited (erstwhile company name of Bijlee BharatHoldings), Mauritius, pursuant to the resolution approved by the Board ofDirectors on the same date. Further the Company has allotted 7% OptionallyConvertible Cumulative Redeemable Preference Shares of Rs.10/- each on 5November 2006 at par for a consideration of US$ 6,670,640 to KSK Energy Limited(erstwhile Company name of Bijlee Bharat Holdings), Mauritius. (b) The Company made a buy back of 29,773,850 Equity shares of Rs.10/- each on 7November 2006 at par for a value of US $ 6,619,935, pursuant to the resolutionfor buy back approved by the members of the Company on 6 November 2006. (c) The Company has redeemed 1,250,000, 11% Optionally Convertible CumulativeRedeemable Preference Shares of Rs.10/- each on 7 November 2006 at par for aconsideration of US$277,926 (d) A petition filed by Arasmeta Captive Power Company Private Limited beforethe Chhattisgarh State Electricity Regulatory Commission challenging thecancellation of the permission, effected without giving any opportunity to thesaid company was decided in favour of the Petitioner on 25 November 2006. (e) A Coal Supply and Investment Agreement, valid for a period of 30 years, hasbeen signed on 16 November 2006, by the Company together with a wholly ownedsubsidiary, Wardha Power Company Private Limited with Gujarat MineralDevelopment Corporation for supply of Coal for the proposed 1000MW power plantto be set up by Wardha Power Company Private Limited. This information is provided by RNS The company news service from the London Stock Exchange