The Hindu Business Line : Jaiprakash Hydro’s securities issue

Jaiprakash Hydro Power said on Saturday its board had approved raising up to Rs 1,500 crore through the sale of shares, depositary receipts or bonds. In a statement to the BSE, the company said its board had also approved absorbing unlisted group firm Jaiprakash Power Ventures Ltd, which is setting up a 400 MW hydroelectric plant in Uttarakhand. Jaiprakash Hydro said the board has approved the raising of funds by way of Qualified Institutional Placement (QIP) of shares and issuance of Foreign Currency Convertible Bonds (FCCBs) and depository receipts in the international market. The amalgamation of Jaiprakash Power Ventures with Jaiprakash Hydro Power will be with effect from April 1, 2009. Under the merger agreement, the shareholders of Jaiprakash Power Ventures would get three shares in Jaiprakash Hydro Power for every share held, the filing said. The two power companies are subsidiaries of diversified firm Jaiprakash Associates. As of March quarter, Jaiprakash Associates held 63 per cent in Jaiprakash Hydro.

— Our Bureau

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