India's Jaiprakash Hydro to raise upto $314 mln
MUMBAI, July 4 (Reuters) - Indian utility Jaiprakash Hydropwer Ltd (JAPR.BO: Quote, Profile, Research) said on Saturday its board had approved raising up to 15 billion rupees ($314 million) through the sale of shares, depositary receipts or bonds.
In a statement to the stock exchange, the company said its board had also approved absorbing unlisted group firm Jaiprakash Power Ventures Ltd, which is setting up a 400-megawatt hydroelectric plant in northern India.
It said it would issue three shares of Jaiprakash Hydropower for every share held in Jaiprakash Power Ventures. ($1=47.8 rupees) (Reporting by Prashant Mehra; Editing by Valerie Lee)
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