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The board of directors of Nava Bharat Ventures has approved sale of 100 per cent shares of Nava Bharat Lao Energy Pte Ltd (NBLE).
This will bring down the company shareholding in Namphak Power Co Ltd (NPCL) held by Nava Bharat Singapore Pte Ltd, a subsidiary of the company.
Nava Bharat (Singapore) Pte Ltd, the wholly-owned subsidiary of the company, has entered into a sale and purchase agreement to divest 100 per cent equity stake in Nava Bharat Lao Pte Ltd, and thereby 70 per cent in Namphak Power Co Ltd developing a 150- MW hydro power project in Lao PDR in two tranches. The first tranche of the sale for majority equity stake of NBLE has concluded and the second tranche for the balance stake will be concluded subject to certain conditions.
Financial performance According to a regulatory filing, the transaction upon consummation will be profitable.
Following this development, NPCL will cease to be a subsidiary of NBS and Nava Bharat Ventures Ltd.
Meanwhile, Nava Bharat Ventures posted a net profit of ₹26.65 crore for the first quarter ended June 30, 2016, against ₹14.93 crore for the corresponding quarter last year on a standalone basis.
The total income from operations was up at ₹207.30 crore for the first quarter against ₹198.93 crore for the corresponding period last year.
On a consolidated basis, the company posted a net profit of ₹29.20 crore for the first quarter (₹42.98 crore).
The company’s income on a consolidated basis for the first quarter was lower at ₹313.72 crore against ₹345.96 crore.
The company shares closed at ₹239.35, down 5.95 per cent, on the BSE.
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