Nandan Cleantec plc Update on capital reorganisation (5773G)

TIDMNAND

RNS Number : 5773G

Nandan Cleantec plc

02 July 2012

2 July 2012

Nandan Cleantec plc

Update on capital reorganisation

Nandan Cleantec plc ("Nandan" or the "Company"), a scaled vertically integrated biofuel producer, is pleased to announce an update on progress made regarding its corporate structure.

As set out at the time of the IPO, and as reiterated at the time of the Company's Interim Results in March of this year, Nandan has committed to taking the necessary steps to simplify its capital structure. At the time of its IPO, Nandan initially owned 51 per cent. of Nandan Cleantec Limited ("NCL") and Xtraa Cleancities Limited ("XCC"), its two Indian operating subsidiaries.

In line with the structure plan set out in the Nandan Admission Document, the Company is taking steps to acquire the remaining 49 per cent. stake of both Nandan Cleantec Limited and Xtraa Cleancities Limited, India from existing shareholders.

The Company is pleased to confirm that phase one of this restructuring has now been completed. As of 30 June 2012, Nandan owns 80.04 per cent. of NCL and 100.0 per cent. of XCC. Nandan will now continue to work towards acquiring the remaining minorities in NCL so that, in due course, Nandan will own 100 per cent. of both operating subsidiaries.

For further information please contact:

 
 Nandan Cleantec plc 
 Srinivas Prasad Moturi   Tel: [phone] 
 
 Arden Partners plc 
 Steve Douglas            Tel: [phone] 
 
 FTI Consulting 
 Matt Dixon               Tel: [phone] 
  Emma Appleton 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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