ICICI Bank Takes Control of JP Power Ventures
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.