MARKET EYE-India's Jaiprakash Power shares fall; promoters sell

Tue Dec 18, 2012 11:56am IST

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* Shares of Jaiprakash Power Ventures Ltd fell as much as 10.22 percent on Tuesday after the company's promoters sold 49.7 million shares, or about 2 percent of its equity, at an average price of 39 rupees a share. * The block deal was at a 6.14 percent discount to Monday's closing price 41.55 rupees, according to Thomson Reuters data. * The company raised about 1.94 billion rupees ($35.41 million) in a series of block deals on the Bombay Stock Exchange, the data showed. * Bank of America Merrill Lynch was the sole manager to the transaction, according to two sources with direct knowledge of the deal. * Jaiprakash Power and Bank of America Merrill officials were not immediately available to comment. ($1 = 54.7900 rupees) (indulal.p@thomsonreuters.com)

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