Dr. T. Senthilverl has announced that he has no intentions of selling his 13,328,770 of shares in Browns Hydro Power PLC. Dr. Senthilverl is the second largest shareholder in Browns Hydro Power and is a member of its Board of Directors.
While Lotus Renewable Energy (Private) Limited last week consolidated its majority shareholding in Browns Hydro Power, it made a mandatory offer in compliance with the Companies Takeover and Mergers Code 1995 (as amended in 2003).
On 13 July, Lotus Renewable Energy acquired 78,690,212 shares of Browns Hydro Power at Rs. 7.00 each, which is 72.13 per cent of the company’s declared capital. Subsequently, it made a mandatory offer to purchase the remaining 30,397,900 shares or 27.87 per cent of the company at Rs. 7.00 each.