India, Oct. 6 -- Adani Power Limited (APL) has signed a Shareholders' Agreement (SHA) with Druk Green Power Corporation (DGPC) to jointly develop a power project in Thimphu, Bhutan.
Under the agreement, APL and DGPC will jointly incorporate a public company in Bhutan to undertake the project. The proposed Project Company will be held 49% by APL and 51% by DGPC.
Both parties will have the right to appoint three directors each to the board of the Project Company. In addition to the initial capital investment, APL and DGPC will make further capital contributions from time to time in the agreed proportion.
The Project Company will initially issue 4.9 million shares to APL and 5.1 million shares to DGPC, at a value of BTN 100 per share.
The ...