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| Exchange Disseminated Time 18/07/2016 19:52:07 | Jaiprakash Power Ventures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 18, 2016, inter alia:
1. Considered and accepted the recommendations of the Committee of Directors as well as the Audit Committee, for hive off and transfer of 500 MW Bina Thermal Power Plant as a going concern basis to its subsidiary Bina Power Supply Limited (“BPSL”) through the Scheme of Arrangement (“Scheme”) approved by the Board subject to all requisite regulatory & other approvals and sanction of the same by the Hon’ble High Court/National Company Law Tribunal (NCLT).
The Bina Thermal Power Plant alongwith the assets, liabilities, contracts, deeds etc. shall be transferred and vested with BPSL pursuant to the Scheme becoming effective on a slump exchange basis i.e. in exchange for equity shares and non-convertible Debentures to be issued by BPSL to the Company.
2. Approved the Securities Purchase Agreement with JSW Energy Limited (“JSW”) regarding the sale of entire securities (equity and non-convertible debentures) of BPSL (held/ to be held by the Company) to JSW subject to satisfaction of conditions precedent including the Scheme of Arrangement becoming effective and all such regulatory and other approvals as may be required:
(i) The consideration to be received from JSW is linked to a base enterprise value as on September 01, 2015 of Rs.2,700 crore for sale of 100% securities of BPSL subject to mutually agreed adjustments.
(ii) The requisite shareholders’ approval for the sale of securities shall be obtained. |
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