Jaiprakash Power Ventures (JPVL), a part of India's leading infrastructure conglomerate Jaypee Group, today announced that the company's shareholders have approved Rs 10 billion investment in subsidiary Prayagraj Power Generation Company (PPGCL) for setting up a 1,980 MW thermal power plant.
Out of the total paid up capital of PPGCL of around Rs 31.23 billion, JPVL has already made equity investment of Rs 27.83 billion. JPVL is investing Rs 10 billion more in PPGCL to meet the revised project cost of Rs 137.80 billion.
The company said, shareholders have also approved entire sale of stake held in Himachal Baspa Power Company(HBPCL) for approx Rs 9.7 billion.
Adding further, the company said, shareholders have approved the proposal to shift registered office of the company from Himachal Pradesh to Madhya Pradesh.
Shares of the company declined Rs 0.03, or 0.44%, to settle at Rs 6.73. The total volume of shares traded was 506,486 at the BSE (Monday).