JSW Energy reduces stake in Jaiprakash Power

JSW Energy has sold additional 14.70 crore equity shares in Jaiprakash Power Ventures Limited (JP Power), it was stated in the regulatory filing.

These equity shares represent approximately 2.15 per cent (aggregating to 4.64 per cent) of the issued and paid-up equity share capital of JPVL in various tranches,from June 18 to last being June 21, 2021, stated in its regulatory filing.

After the stake sale in the open market, JSW Energy has around 0.49 per cent stake representing 3,37,99,547 equity shares in JP Power.

Before the sale, the company had 2.64 per cent stake in JP Power.

JSW Energy had extended loans to debt-laden JP Power. In 2020, the company has decided to convert part of the outstanding debt exposure into equity and write off the remaining amount. As part of the restructuring plan, an amount of Rs 351.77 crore was converted into equity shares of JP Power at a par value of Rs 10 each.