JSW Energy witnessed a sharp rise in share price on Monday after it has agreed to acquire from Jaiprakash Power Ventures and other shareholders, 100% stake in Himachal Baspa Power Company for a base Enterprise Value of approximately Rs 97 billion, subject to mutually agreed adjustments.

The board of directors of Jaiprakash Power Ventures has approved the transfer of, (i) the 300 MW Baspa II hydro electric project located at Himachal Pradesh, and (ii) the 1091 MW Karcham Wangtoo hydro electric project located at Himachal Pradesh into a separate company, i.e. the Himachal Baspa Power Company (Target), as a going concern through a scheme of arrangement under Sections 391 - 394 of the Companies Act, 1956.

Shares of the company are trading at Rs 82.65, up Rs 6.8, or 8.97% at the Bombay Stock Exchange (BSE) on Monday at 10:18 a.m.

The scrip has touched an intra-day high of Rs 84.45 and low of Rs 77.30. The total volume of shares traded at the BSE is 822,273.