Jaiprakash Power Ventures surges over 13% intraday as JSW Energy to buy its Bina plant

Jaiprakash Power Ventures share price soared as much as 13.67 per cent in the early trade on Tuesday after Sajjan Jindal-promoted JSW Energy announced that it will acquire Jaiprakash Power Ventures’ 500 MW thermal plant at Bina in Madhya Pradesh at base enterprise value of Rs 2,700 crore.

At 9.33 am, shares of Jaiprakash Power was trading 8.07 per cent up at Rs 6.56. The scrip opened at Rs 6.55 and has touched a high and low of Rs 6.90 and Rs 6.52, respectively, in trade so far.

Later, the scrip closed 5.44 per cent up at Rs 6.40.

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In a BSE filing, JSW Energy said, “The company has agreed to acquire the 500 MW (2X250 MW) thermal power plant located at Bina, district Sagar in Madhya Pradesh from Jaiprakash Power Ventures.”

Jaiprakash Power Ventures has also approved the transfer of the 500MW thermal power project located at Bina in MP.

With the acquisition, the total installed and operational power generation capacity of JSW Energy will increase to 6031 MW (including the proposed acquisition of 1,000 MW power plant from Jindal Steel & Power.

JSW Energy shares closed 1.43 per cent up at Rs 81.30.