The board of directors of Jaiprakash Power Ventures (JPL) that met on May 17 approved increasing the fund raising limit to R3,000 crore from R2,500 crore that it had earlier planned in July 2013.
The company in a filing to the BSE said it will seek shareholders approval to raise funds through various domestic or international options including qualified institutional placements (QIPs) and external commercial borrowings (ECBs) with rights of conversion into shares / FCCBs/ADRs/GDRs up to R3,000 crore.
JPL, which has a consolidated debt of R23,843 crore ( as of March 2014), on Monday also reported its earnings for the quarter with standalone net loss widening to R171.98 crore from R122.26 crore it had reported in corresponding quarter of previous fiscal.
The company bore the brunt on account of natural calamity in Uttarakhand affecting its 400MW Vishnuprayag power plant since June 16, 2013 till end of fiscal 2014. The project has resumed operations this quarter with effect from April 12, 2014.
However, the company saw its net sales rising by 15.85% y-o-y to R427.61 crore. The results, however, are not comparable to previous fiscal numbers because of additional capacity of 250MW from Bina Thermal Power Plant coming onstream since April, 2013.
The Jaypee Group, which has consolidated debt of around R60,000 crore, had last year sold assets worth R15,000 crore that included land, power projects and cement plants.
The stock of Jaiprakash Power Ventures surged 30.24% on Monday to close at R23.73 on the BSE.