Bses Stake Drops Is St-Bses Coal To 45%

"During the year, SBCW allotted 3.56 million equity shares of Rs 10 each to the company and other co-promoters. As a result the equity holding of the company declined to 45 per cent of the enlarged share capital of SBCW and SBCW ceased to be a subsidiary of BSES," BSES has stated in the 1999-2000 annual report,

The company's paid-up capital now stands at Rs 13.37 crore, of which Rs 6.02 (45 per cent) crore is held by BSES. Another 45 per cent is held by US -based Spectrum Technologies and the balance is held by another US-based CLI Corporation.

 

In 1998-99, BSES held Rs 5.03 crore (51 per cent) of the company's total share capital of Rs 9.81 crore. The balance stake was held by Spectrum Technologies.

Company sources stated that the dilution was in line with the original shareholding agreement. "As per the agreement, both BSES and Spectrum Technologies will hold equal stake. The rest of the stake will be held by CLI Corporation. Initially, to get the project off the ground BSES and Spectrum floated a 51:49 joint venture. Now CLI corporation has picked up 10 per cent," BSES sources stated.

SBCW has set up a 2.5-million-tonne coal washery at Korba in Madhya Pradesh. A washery basically reduces the ash content in coal and makes it more environmentally friendly. The washed coal is used as fuel by BSES for its 500mw plant at Dahanu in Maharashtra.

The washery in 1999-2000 produced 6.17 lakh tonnes of clean coal, of which 5.8 lakh tonnes was supplied to Dahanu. The rest of the 37,000 tonne was supplied to power generating and cement units nearby.

The Rs 2,400-crore BSES is the sub -licensee for distributing power to various Mumbai suburbs. In the generation sector, apart from Dahanu, BSES is planning to set up another 500mw at nearby Saphale. It has also recently set up its own Internet service provider.