Last checked at 6 May 2009 11:55
| Immediate Release | 6th May 2009 |
KSK Power Ventur plc
("KSK" or "the Company")
Notice of major interest in shares and increase in free float
KSK Power Ventur plc (KSK.L), the power project development company with interests in multiple power plants across India, has received the following update from Sayi Energy Ventur Limited:
"Pursuant to the Company's announcement of 29 April 2009 with respect to the placing of 10,655,738 new ordinary shares of 0.1p each in the capital of the Company (the "Placing Shares") and following admission of the Placing Shares to trading on AIM having occurred on 5 May 2009, Sayi Energy Ventur Limited, the promoter company with ownership of 100,000,000 shares in the Company, has given notice that, as a result of the issue of the Placing Shares by the Company, its voting interest has accordingly been reduced from 77.59% to 71.67% of the enlarged base of the Company. This notification to the Company is given in accordance with Rule 17 of the AIM Rules for Companies and Article 78.1 of the Company's articles of association."
Commenting on this notification from Sayi, Mr. T.L.Sankar, Chairman of KSK Power Ventur plc, said:
"The placing has effectively ensured that the free float of the Company is in excess of the mandatory 25% level, a basic pre requisite and the essential first step towards move the listing of the Company's shares to the Official List of the UK Listing Authority later this year. The placing proceeds will also strengthen the Company's flexibility for investments in new growth opportunities as well as augment additional investments as maybe required. With the continued support of Sayi and several of our existing and new institutional shareholders, the Company will pursue its next steps with renewed confidence and believes that the proposed move to the Official List will be helpful in consolidating its position and addressing the exciting growth opportunities in India."
For further information please contact:
KSK Power Ventur plc 0091 40 2355 9922
S. Kishore
Arden Partners plc 020 7398 1632
Richard Day / Adrian Trimmings
Buchanan Communications 020 7466 5000
Mark Edwards