JSW Energy shares extended gains on Wednesday after the company on Tuesday announced that it has bought two hydro power projects of debt-ridden Jaiprakash Power Ventures (JPVL) in Himachal Pradesh for Rs 9,700. (Reuters)
JSW Energy shares extended gains on Wednesday after the company on Tuesday announced that it has bought two hydro power projects of debt-ridden Jaiprakash Power Ventures (JPVL) in Himachal Pradesh for Rs 9,700 crore.
At 11.31 am, JSW Energy shares were trading 4.24 per cent higher at Rs 77.40 apiece. It opened at Rs 76.55 and had touched a high and low of Rs 78.80 and Rs 76, respectively, in trade so far. The share price of JSW Energy climbed around 10 per cent to Rs 74.25 on Tuesday.
The two projects bought by JSW Energy are 300 MW Baspa-II and 1,091 MW Karcham Wangtoo. Besides, JSW Energy has also entered into a binding agreement with JPVL to acquire 500 MW Bina thermal power plant in Madhya Pradesh.
Share price of JPVL was trading 1.37 per cent higher at Rs 5.93 in the morning trade. The scrip jumped 5.02 per cent to Rs 5.85 on Tuesday.
In a BSE filing on Tuesday, JPVL said, “The company has concluded the Sale of Securities of Himachal Baspa Power Company Limited (HBPCL) to JSW Energy at an Enterprise Value (EV) of Rs 9,700 crore reduced by mutually agreed adjustments, including inter-alia Rs 300 crores which is payable upon receipt of certain additional consents and approvals related to the Karcham Wangtoo HEP.”
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