IDBI Bank acquires 32.30 cr shares in JPVL

Jaiprakash Power Ventures today said IDBI Bank has acquired its 32.30 crore shares under the strategic debt restructuring scheme by its lenders.

IDBI Bank has acquired 32,30,00,000 shares from Jaiprakash Power Ventures in consideration of conversion of debt into equity under strategic debt restructuring, the company said in a BSE filing.

According to the statement, taking into consideration the allotment, IDBI Bank's holding in the company stood at 5.39 per cent of the company's total 5,99,60,03,084 equity shares.

Last month, ICICI Bank had acquired JPVL's 81.44 crore shares under the strategic debt restructuring plan. The bank's equity holding in the company stood at 13.72 per cent after this acquisition.

Before this acquisition, the bank held 79,61,535 shares or 0.13 per cent of the equity in the company.

Earlier in February, the company had alloted 305.80 crore equity shares to its lenders as part of debt restructuring scheme, which would reduce the debt by Rs 3,058 crore.

JPVL's equity share, which was 293,80,03,084 shares, has increased to 599,60,03,084 shares post this acquisition.

Following the allotment, financial institutions will have 51 per cent equity share in the Jaypee group firm.