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Jaiprakash Power Venture to merge group power firms
February, 15th 2011

Jaiprakash Power Venture (JPVL) will merge two of its subsidiaries , Bina Power Supply Company and Jaypee Karcham Hydro Corp , with itself. The merger is aimed at consolidating power generation under one umbrella that will help in synergising the companys financials and eliminate the need of multiple listing, JAL executive chairman Manoj Gaur said.

The merger will result in creation of 14% treasury stock of JPVL, which fully owns Bina Power and holds 56.9% in JKHCL. The balance 43% JKHCL stake is owned by Jaiprakash Associate (JAL), the group flagship. Since JPVL will issue fresh shares against the shares of these two subsidiaries, the promoters sake in the flagship power entity will come down to 67.24% from the current 76.25%. Under the proposed merger plan that was approved by the boards of the three companies on Monday, JKHCLs shareholders will receive two shares of JPVL for every 10 shares held.

JKHCL is likely to commission a 1,000MW hydro power project in Himachal Pradesh by March end. JPVL will issue two shares for 13 shares of Bina Power, which is setting up a 1,500MW thermal project in Madhya Pradesh.

Of this, 500MW is scheduled to be commissioned by March end. After the merger of these two entities, the JPVL treasury stock will be parked with two separate trusts.

These two trusts will own 14% stock of JPVL, which can be monetized in future in case the company needs money, JPVL managing director Suren Jain said. At Monday closing price of . 40.70, JPVL has a market cap of . 8,529 crore. JPVL is currently implementing projects totalling 13,720MW, 60% of which are thermal and the rest hydel. The company has already achieved financial closure for 8,500MW.

The Jaypee Group, which is present in infrastructure, construction, cement, realty and hospitality sectors, has kicked off an expansion plan in cement and power. The group has a cement capacity of 23 million tonnes, which is expected to reach 34mt by next fiscal.

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