Jaiprakash Power shares fall; promoters sell
Reuters Market Eye - Shares of Jaiprakash Power Ventures Ltd(JAPR.BO) 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 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.
- Tweet this
- Share this
- Digg this
- Fears for tough penalties grow as India cleans up business
- India warns Pakistan of more pain in Kashmir fighting
- Giving pricey hepatitis drug to prisoners may be financially wise
- No fear of deflation: Indian consumers respond to softer oil, food prices
- Yahoo CEO Marissa Mayer parries activist investor attacks
India's biggest listed property company on Wednesday appealed for interim relief from a three-year ban from accessing capital markets by the regulator. Full Article