Shares of Jaiprakash Power Ventures Ltd (JPPOWER) fell after two days of consecutive gains, even as benchmark equity indices Sensex and Nifty began the trade in green following positive cues from global markets. The stock opened flat at Rs 20.03 on the BSE and touched the intraday high of Rs 20.50 before falling amid profit booking. The stock touched the intraday low of Rs 19.14, representing a fall of 4.44 per cent from the closing price of the last trading session. The fall in the share price comes amid a spurt in volume by 1.77 times today. Last seen, the stock was trading at Rs 19.27. The market cap of the company stood at Rs 13,206.
The dip in the stock comes after hitting the upper circuit for two consecutive days. The surge in the stock was triggered by mining conglomerate Vedanta Ltd winning a bid for Jaiprakash Associates with an offer of Rs 17,000 crore.
Vedanta offers Rs 4,000 crore upfront payment
Vedanta has offered Rs 4,000 crore payment post approval by NCLT and the balance amount over the next 5-6 years, sources said.
Vedanta beat Adani Group with a bid whose net present value comes to Rs 12,505 crore in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels and roads.
JAL is undergoing CIRP under the IBC process and the Resolution Professional invited Resolution Plans on June 24. As a part of the same process, a challenge process was conducted among the five bidders (Vedanta, Adani, Dalmia, Jindal Power and PNC Infratech), wherein Vedanta emerged as the H1 bidder at the NPV value of Rs 12,505 crore.
Sources said Vedanta was identified as the H1 bidder for Jaiprakash Associates Limited (JAL) by the NARCIL-led Committee of Creditors (CoC).
JPPower Share Price History
Shares of the company have yielded a positive return of 611 per cent in five years and 102 per cent in two years.
