Jaiprakash Power Ventures Ltd has planned to raise up to Rs 3,500 crore to fund its expansion projects and is also entering cement manufacturing activity.
Its board of directors has authorised raising of funds / resources of Rs 3,500 crore through various domestic / international options, including QIP / ECB with conversion into shares/ FCCBs/ ADRs/ GDRs/ FPO/ Optionally or Compulsorily Convertible Redeemable Preference Shares etc..
The funds are to meet the company’s ongoing projects and/or the projects of its joint venture and subsidiary companies as also issuance of further equity shares under institutional placement programme.
It also decided to enter the cement manufacturing business by setting up cement grinding units at Nigrie and Bina to optimally utilise fly ash to be generated by its thermal power plants situated in those places, the company said in a communication to the stock exchanges.