16 Sep 2008 11:02
| For immediate release | 16 September 2008 |
KSK Power Ventur plc
("KSK" or "the Company")
Update on Subsidiary Shareholder
KSK Power Ventur plc ("KSK PV") has noted the developments concerning Lehman Brothers ("LB") and has received enquiries from the investor community concerning the shareholding by LB affiliates in KSK PV's subsidiary KSK Energy Ventures Limited ("KSK EV"), which is listed on Indian Stock Exchanges. KSK PV wishes to clarify that:
a) KSK EV has no requirement for nor is contemplating any fresh issue of equity shares at this point in time.
b) KSK EV's pre-IPO shareholders include (as set out on page 32 of the flotation prospectus), apart from KSK PV:
Suyash Outsourcing private limited
Tree Line Asia Master Fund (Singapore) Pte Ltd
Macquarie Bank Limited
Infrastructure Development Finance Company Limited
Universities Superannuation Scheme Limited
Axis Bank Limited and
GE Capital International (Mauritius)
c) In addition to the above, during the IPO process a number good quality Qualified Institutional Buyers ("QIBs") and other investors have subscribed to the capital of the company.
d) Affiliates of LB have in the aggregate 28.41% shareholding in KSK EV. These shares are locked in for a period of one year from 5 July 2008 (the date of the IPO allotment) and cannot be sold in the stock market until the expiry of that period.
For further information:
| KSK Power Ventur plc | +(91) 40 2355 9922 - 25 |
| S. Kishore, Executive Director K.A. Sastry, Executive Director
| |
| Arden Partners plc Richard Day Adrian Trimmings
| +44(0) 20 7398 1632 |
| Buchanan Communications Mark Edwards Ben Willey
| +44(0) 20 7466 5000 |