Jaiprakash Power Ventures seeks shareholder nod to invoke SDR

Jaiprakash Power Ventures Limited (JPVL) has sought shareholder approval for conversion of part of its outstanding debt of Rs 30.6 billion into 3.06 billion equity shares of Rs 10 each under the strategic debt restructuring (SDR) scheme. Following the issue, the company’s total public shareholding will increase to 68.84 per cent from the current 36.4 per cent. JPVL has been witnessing lower operating profits owing to factors such as low demand by discoms and delays in signing of power purchase agreements for its existing TPPs.