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Nishat Power Ltd to invest Rs.278.46 million in Lalpir Solar Power Pvt. Ltd

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September 25, 2018 (MLN): The Board of Directors of Nishat Power Limited (NPL) have decided to authorize the company to invest up to Rs.278.46 million in 27.846 million of Lalpir Solar Power (Private) Limited (LSPPL)’s ordinary shares, of face value of PKR 10, subject to the approval of shareholders and regulatory authorities.

According to an official announcement to PSX, an Annual General Meeting of the members of NPL to discuss the aforementioned will be held on October 26th, 2018.

On October 30th, 2015, the shareholders of NPL had approved an equity investment of Rs.278.46 million to set up Lalpir Solar Power (Private) Limited, which was incorporated later on November 19th, 2015 with initial paid up capital of Rs.500,000 divided into 50,000 shares of Rs.10 each as wholly owned subsidiary of NPL.

The validity of this approval was to last until three years, therefore it will expire on October 30th 2018 and LSPPL is to apply for Power Purchaser Consent, thus the Board of directors have recommended the above said equity investment up to Rs.278.45 million for a further period of three years.

The principal activity of LSPPL is to build, own, operate and maintain or invest in a solar power project having gross capacity up to 20 Megawatt peak (MWp) with net estimated generation capacity of up to approximately 19 MWp with photovoltaic/suitable or any economical technology. The project site is located in Mehmood Kot, District Muzaffar Garh, Multan.

Nishat Power Limited has further invested Rs.500, 000 by way of subscription of 50,000 right shares in February 2018, hence the paid up capital now stands at Rs.1, 000,000 divided into 100,000 share of Rs.10 each.

Posted on: 2018-09-25T12:47:00+05:00

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