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Jaiprakash Power Ventures seeks shareholders' nod to convert Rs 3,000 crore debt to equity

Jaiprakash Power Ventures has sought shareholders' nod, through postal and electronic ballot, to convert part of its outstanding debt of Rs 3,058 crore into 305.80 crore equity shares. After this issue, total public shareholding of the company will increase from 36.40 per cent to 68.84 per cent, which includes 51 per cent equity with lenders whose debt would be restructured, a company filing to BSE today said. "A portion of the outstanding amount of debt (including unpaid interest) amounting to Rs 3,058 crore payable to such lenders by the company is converted into 305.80 crore equity shares of Rs 10 each (at a price determined in accordance with RBI circular," the company's proposal to shareholders said. The result of the postal as well as.....

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