Share Name Share Symbol Market Type Share ISIN Share Description
Ksk Power Ventur Plc LSE:KSK London Ordinary Share IM00B1G29327 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 2.25 0.00 0.00 0.00 0.00 0.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 469.5 -76.3 -29.2 - 4

KSK Power Ventur PLC Update and suspension of shares from trading

27/07/2018 7:12am

UK Regulatory (RNS & others)


Ksk Power Ventur (LSE:KSK)
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RNS Number : 9366V

KSK Power Ventur PLC

27 July 2018

KSK Power Ventur plc

27 July 2018

KSK Power Ventur plc

("KSK" or the "Group")

Update and suspension of shares from trading

KSK Power Ventur plc (KSK.L), the power project company listed on the Official List and traded on the Main Market of the London Stock Exchange, with interests in multiple power plants across India including through its subsidiary KSK Energy Ventures Limited ("KSKEV"), the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the BSE Limited ("BSE").

As notified during May 2018, the Reserve Bank of India's Resolution Framework of February 2018 has altered the entire banking environment for Independent Power Plants. The actions of lending banks and other financial institutions have resulted in a significant number of the wider group's power plants and subsidiaries ceasing to be subsidiaries of the Group with material impact on the Group's business going forward. Further, a number of alternate proposals are underway in India to address the equity ownership and debt levels at each of the power projects resulting in significant uncertainty arriving at an appropriate basis of accounting and the underlying value of the businesses. In these circumstances, the company requires additional time for the necessary clarity to emerge and for the management and the auditors to finalise the Group's financial statements and the associated statutory reports.

Following discussions between the Group's auditors and management the Board have concluded that with the continued challenges and uncertainties across the Indian power sector and current regulatory framework for debt resolution, there would be material impact on the Group's business. As a result, the company and its auditors anticipate additional timelines for the finalisation of the audited financial statements for the year ended 31 March, 2018 and as such KSK has requested that the UK's Financial Conduct Authority suspend the listing of its ordinary shares on the Official List with immediate effect.

 
 Mr S. Kishore             +91 40 23559922 
 KSK Power Ventur Plc 
                        ------------------ 
 
 James Reed-Daunter       +44 121 423 8900 
                        ------------------ 
 Giles Beale              +44 20 7614 5917 
                        ------------------ 
 Arden Partners Plc 
                        ------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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July 27, 2018 02:12 ET (06:12 GMT)

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