Power India found that two executive directors of Greenko Group PLC (Which is a listed entity on London Stock Exchange (AIM)) – Mr. Anil Chalamalasetty & Mr. Mahesh Kohli – by utilizing “Long Term Incentive Plan Option Award” have increased their combined shareholding by 6,798,924 new ordinary shares which is roughly 4.5% of the current share capital of the Group.
The said investment has been carried out by ACMK Enterprise Limited ("ACMK"), a company wholly owned by Anil Chalamalasetty and Mahesh Kohli.
Brief profile of Greenko
- Greenko Group is one of India's fastest growing Independent Power Producers, focusing on developing clean energy assets in India to meet Indian's ever increasing demand for power.
- The group is listed on the London Stock Exchange's Alternative Investment Market (AIM), having its asset base in India.
- Currently the Group operates 183 MW of contracted capacity including 7 hydro, 6 biomass and 1 gas/liquid fuel based plant and has 628 MW of licenses under various stages of development.
- Greenko has created a de-risked portfolio through broad geographic presence, diversified clean technologies and multiple revenue streams such as long term power purchase agreements, short term merchant sales, power and carbon trading platforms. The group has acquired projects at various stages of project lifecycle and has successfully added value to these projects.
- Greenko aims to build a portfolio of clean energy assets of approximately 1000 MW generating over 3.5 billion units annually by 2014-2015.
The diversified projects’ list of the Group is as below:
Share Holding Pattern
- The combined holding of the two executive directors - Anil Chalamalasetty and Mahesh Kohli – through their holding entity ACMK Enterprise Limited has increased to 13.1 per cent stake as a part of fresh share issue under a long term management incentive plan announced in 2008.
- The promoters holding will further increase to 14.4 per cent after they bring in £5 million ($8.12 million), on or before June 28, 2012, as per a company disclosure. This is part of a larger equity fundraising issue worth £50 million ($81.3 million) announced last year.
- With this, the co-founders may become the largest shareholder in the company. The key shareholders of the firm as of September 2011 include Prudential Plc (12.6 per cent) and early investor Aloe Environment Fund (11.87 per cent). Other investors in Greenko include TPG Growth (8.57 per cent), Impax Asset Management (5.87 per cent) and Capital Group (6.27 per cent).
- ACMK also has a further 5.1 million options under 2010 scheme which are subject to a target of 500MW of operational capacity with suitable profit level and milestone related to share prices.
Acquisition Of Hydro Assets
In March, Greenko acquired two hydro power assets with combined 56 MW capacity for $57 million. The twin acquisition was funded through mix of existing cash reserves and project debt already in place.
One cluster of 32 MW in Himachal Pradesh is operational under long term power purchase agreement with local electricity board. The other 24 MW asset is located in Karnataka and is currently under development with completion targeted of 2014.
Greenko Group's Mauritius Unit had raised $70 million from Standard Chartered Plc in a structured deal in December 2011 before which it raised $50 million from GE Energy Financial Services for its wind energy business.
More Literature on this topic:
http://www.greenkogroup.com/business/
http://www.vccircle.com/500/news/greenko-group-promoters-hiking-stake-to-144
http://panchabuta.com/2012/05/02/greenko-group-promoters-hiking-stake-to-14-4/
------------------------------------------
Power India – A popular blog on Indian Power Sector
No comments:
Post a Comment