ICICI Bank Takes Con­trol of JP Power Ven­tures

The Economic Times - - Front Page -

Bankers led by ICICI Bank have ac­quired con­trol­ling stake in Jaiprakash Power Ven­tures by con­vert­ing debt into equity af­ter the com­pany de­faulted on re­pay­ment of loans. Lenders now have 51% stake in the com­pany while pro­mot­ers’ stake has more than halved to 31%. The move will re­duce the com­pany’s debt by .₹ 3,058 crore. Prior to the con­ver­sion, lenders had an ex­po­sure of .₹ 25,000 crore in the com­pany.

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