Nandan Cleantec plc Update on capital reorganisation (5773G)
02 Juillet 2012 - 8:00AM
UK Regulatory
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: +91 40 65 50 77 99
Arden Partners plc
Steve Douglas Tel: +44 (0)20 7614 5917
FTI Consulting
Matt Dixon Tel: +44 (0)20 7831 3113
Emma Appleton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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