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| Exchange Disseminated Time 24/08/2016 14:59:44 | Nava Bharat Ventures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 24, 2016, inter alia, has approved Sale of 100% of the shares of Nava Bharat Lao Energy Pte. Ltd. and thereby its 70% shareholding in Namphak Power Co. Ltd.(NPCL), by Nava Bharat (Singapore) Pte. Ltd. (NBS), Nava Bharat (Singapore) Pte Ltd. (NBS), the wholly owned subsidiary of the Company, has entered into a "Sale and Purchase Agreement" to sell 100% equity stake in Nava Bharat Lao Energy Pte. Ltd.(NBLE - wholly owned subsidiary of NBS) and thereby its 70% equity stake in Namphak Power Co. Ltd, which has been developing the 150 MW hydro power project in Lao PDR, in two tranches. Frist tranche of sale for majority equity stake of NBLE has been concluded by NBS and the second tranche for the balance stake would be concluded subject to certain conditions in due course. The transaction upon consummation, is profitable and following that NBLE and thereby NPCL will cease to be subsidiaries of NBS/ Nava Bharat Ventures Ltd.
The Board Meeting commenced at 12:00 noon and concluded at 2:45 PM. |
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