Jaiprakash Power Ventures to raise funds up to Rs 3,000 crore

Jaiprakash Power Ventures has received an approval to raise funds through various Domestic/International options, including QIP/ ECB with rights of conversion into shares / FCCBs/ ADRs/ GDRs/ FPO/ Optionally or Compulsorily Convertible Redeemable Preference Shares etc., up to Rs 3,000 crore against Rs 2,500 crore already approved on July 06, 2013, for the company’s ongoing projects and/or the projects of its joint venture (JV) and subsidiary companies and also to reduce company’s debt. The board of directors at its meeting held on May 17, 2014 has approved for the same. Jaiprakash Power Ventures is part of India’s leading Infrastructure conglomerate - Jaypee Group. Currently the company operates the largest hydroelectric power plant in the private sector in India. Its power projects which are in different stages of implementation include Hydro, Thermal and Transmission.