JK Lakshmi Cement Limited to invest in SPV for captive power
JK Lakshmi Cement Limited intends to source 40 MWAC solar power for its Durg Unit via a Special Purpose Vehicle (SPV), Amplus Helios Pvt. Ltd., under the Captive Power Plant Model.
The SPV is constructing a 50 MWAC Solar Power Plant in P.O Chakarbhatha, District- Mungeli, Chhattishgarh, of which 40 MWAC (i.e. 80% of the capacity) will be obtained for captive use by the Company and the remaining 10 MWAC (20% of the capacity) will be supplied to other private players.
All the Captive Users are required to acquire 26% of the Shareholding of the said SPV.
The Company proposes to acquire proportionate 20.80% (80% of 26% Shareholding) of the paid up Equity Share Capital of the said SPV. The balance 5.20% (20% of 26% Shareholding) would be acquired by Other Captive Users.
Pursuant to the authorisation of the Board of Directors, the Committee of Directors at its meeting, which commenced at 12:30 PM and concluded at 1:15 PM, has approved, to acquire 20.80% of Equity Share Capital of SPV (80% of 26% Shareholding) i.e 2,16,08,639 Equity Shares @ price of Rs 10 per share offered on private placement basis by SPV.
