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| Jaiprakash Hydro to raise up to Rs 1,500 cr to fund project |
| Press Trust of India / Mumbai Aug 19, 2009, 16:13 IST |
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Jaiprakash Hydro Power today said it would raise up to Rs 1,500 crore through various means, including stake-sale or issue of securities in domestic as well as global markets for funding its projects.
Shareholders of the company have approved the proposal for raising funds up to Rs 1,500 crore through FPO (follow-on public offer) or ADRs and GDRs among others, Jaiprakash Hydro said in a statement to stock exchanges.
Other means for fund-raising plan include placement of securities on a qualified institutional placement basis and issue of foreign currency convertible bonds (FCCBs).
The shareholders of the company, which is merging with its group firm Jaiprakash Power Ventures, have given their nod for the appointment of R K Narang as its CFO for a period of five years.
Further, they have also approved the change in the company's name to Jaiprakash Power Venture Ltd, after its amalgamation with Jaiprakash Power, it said.
Besides, the shareholders of Jaiprakash Hydro gave their approval for increasing its borrowing limits to Rs 15,000 crore from Rs 1,500 crore.
Shares of Jaiprakash Hydro were trading at Rs 81.05, down 2.88 per cent in late afternoon trade on the BSE.
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