Jaiprakash Power Ventures gets board nod to raise Rs 3,500 cr
With his own party opposing the Railway Budget over fare hikes, Trinamool Congress MP and Railways Minister Dinesh Trivedi tells NDTV that he doesn’t care if the rail budget costs him his job.
Jaiprakash Power Ventures, a part of the Jaypee Group, today said its board has approved plans to raise up to Rs 3,500 crore through issue of securities, and the proposal to enter into cement business.
The proposals were given green signal at the company's board meeting held today. In a regulatory filing, the company said it plans to raise about Rs 3,500 crore through issue of securities. The possible options include Foreign Currency Convertible Bonds (FCCBs) and American Depository Receipts (ADRs).
Among others, the funds would be utilised for its ongoing projects.
The board also gave nod for the company to enter into cement business by putting up cement grinding units at Nigrie and Bina. This is aimed at optimally utilising fly ash to be generated by the firm's thermal power plants at Nigrie and Bina, the filing said.
Jaiprakash Power Ventures is into power generation as well as tranmission activities.
Shares of the company today closed marginally down at Rs 43.70 apiece on the BSE.