Company sells 7,589,455 shares at 520p each via broker Arden Parners
By Devika Patel
Knoxville, Tenn., March 6 - KSK Power Ventur plc said it raised £39.47 million in a private placement of shares. Arden Partners plc was the broker.
The company sold 7,589,455 shares at 520p each. The per-share price is a 5.02% discount to the March 5 closing share price of 547.5p and a 5% discount to the closing middle market price of the shares on March 5.
Proceeds will be used to construct a rail line link through the existing state-owned rail line and two newly constructed spur lines and a new siding connecting the Gare Pelma coal block and surrounding extensive coal blocks region with the company's Mahanadi power plant; to work with other government owned mining corporations to help facilitate and provide services in the management and development of mining operations in India; and for water infrastructure, so as to ensure a water pipeline and storage facilities for the company's Mahanadi power plant. Proceeds will also be used to meet working capital requirements and for growth opportunities.
The manager of private sector power projects is based in Isle of Man, England.
| Issuer: | KSK Power Ventur plc
|
| Issue: | Ordinary shares
|
| Amount: | £39,465,166
|
| Shares: | 7,589,455
|
| Price: | 520p
|
| Warrants: | No
|
| Broker: | Arden Partners plc
|
| Settlement date: | March 6
|
| Stock symbol: | London: KSK
|
| Stock price: | 547.5p at open March 5
|
| Market capitalization: | £804.48 million
|
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