Jaiprakash Power plans $500 million capital raising
Jaiprakash Power Ventures Ltd plans to raise up to 30 billion rupees ($508 million) in new debt and equity to fund future projects and pare down its debts. In a statement filed with the stock exchange, Jaiprakash said it was seeking shareholder approval for the capital hike, which replaces an already approved 25 billion rupee plan. Jaiprakash, a subsidiary of Jaiprakash Associates, is trying to pare down its debts to improve profitability. Manoj Gaur, executive chairman of the parent group, said in March the company planned to cut its 620 billion rupees of debt by 250 billion by March 2015, largely via asset sales.