09/11/2011 The London Stock Exchange welcomes Nandan Cleantec plc to AIM
The London Stock Exchange today welcomes Nandan Cleantec plc on its first day of trading on the AIM Market of the London Stock Exchange.
Nandan is a scaled vertically integrated biofuel producer. It has developed a number of revenue streams geared towards the ultimate provision of commercially refined biofuel derived from Jatropha plants or other suitable feedstocks.
The Group’s current activities are concentrated in India and include innovative plant breeding and genetic improvement of Jatropha, a 275,000 MT per annum biofuel processing plant which sells biodiesel to end customers and a Jatropha feedstock plantation base of approximately 51,000 ha. In addition, the Group has initiated activities in India, Africa and Southeast Asia in order to further develop its land bank.
Nandan’s strategy is to maximise the potential of its position as a pioneer in Jatropha biofuel sciences. This will involve exploiting the Group’s position as a market leader in the Indian biofuel industry.
The Company has raised approximately £16.1 million through the issue of new ordinary shares at a price of 60 pence per ordinary share, implying a market capitalisation of Nandan on Admission of £166.1 million.
The proceeds of the issue of new ordinary shares will be used to enable the Company to develop a large sustainable feedstock supply of Jatropha for the production of biodiesel.
Prasad Moturi, Executive Chairman of Nandan, said:
"We are delighted with the response we have received from UK institutional investors. Admission to AIM is a logical next step for us in our Company’s development and today marks an important milestone that will help us to accelerate the delivery of our strategy. We have a strong, profitable and proven business model and are excited about the opportunities open to us as the world looks to diversify its energy supply. We look forward to working in partnership with our new investors to develop our compelling biofuel solutions."
Advisers to Nandan are:
Arden Partners plc – Nominated adviser and broker
Nabarro LLP – UK Legal advisers
Tempus Law Associates – Indian Legal advisers
Haribhakti & Co. Chartered Accountants – Reporting accountants and auditors