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Nava Bharat Ventures Ltd has informed the BSE today that Nava Bharat (Singapore) Pte Ltd (NBS) has exited from the Laos hydro power project by entering into an agreement with Chaleon Sekong Group of Laos for sale of entire equity stake of Nava Bharat Lao Energy Pte Ltd (an intermediate holding company of the Namphak Power Company Ltd for the Laos hydro power company).
The sale process being completed in two tranches with the CS Group is seen to be profitable and is considered a step in the right direction considering the deployment of resources and capital allocations.
The shareholders of Nava Bharat Ventures have approved the issue of bonus shares in the ratio of one share for every share of ₹2 per each at the company annual general meeting held on August 24.
The record date for bonus issue has been fixed at September 1.
The paid-up capital post issue of bonus shares will stand at 17,85,75,482 shares of ₹2 each.
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