Jaiprakash Power Ventures Ltd (JPVL), a subsidiary of Indian infrastructure conglomerate Jaypee Group, has expanded the scope of its proposed fundraising plan. The firm is looking to raise up to Rs 3,000 crore ($513.15 million) for company’s ongoing projects and to reduce debt, the firm said in a stock market disclosure.
“The funds will be raised 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,” it said.
Last July, the company had approved to raise funds worth Rs 2,500 crore. This has been expanded now.
Shares of Jaiprakash Power Ventures were trading at Rs 22.2 a unit, down 6.45 per cent on BSE in a flat Mumbai market at 1 PM on Tuesday.
The firm posted net profit of Rs 32.86 crore for the year ended March 31, 2014 compared with Rs 351.21 crore in the previous year. Total income rose to Rs 2,913.52 crore in the same period from Rs 2,497 crore for the year ended March 31, 2013.
The group has been looking to raise fresh resources through asset divestment in various companies.
In March this year, the Jaypee Group sold two hydro-power plants as a part of its group asset-disposal plan to a consortium of investors, including Abu Dhabi National Energy which operates under the banner of Taqa, Canadian institutional investor Indo-Infra Inc and IDFC Alternatives.
Late last year, the group sold its cement plants in Gujarat to Aditya Birla Group’s UltraTech for Rs 3,800 crore.
(Edited by Joby Puthuparampil Johnson)