Jaiprakash Power receives board approval to divest 74% stake in JV Jaypee Powergrid; Stock jumps over 2%

Jaypee Powergrid is a JV held by Jaiprakash Power and a state-owned Power Grid.

Mar 03, 2021 02:03 IST India Infoline News Service

Jaiprakash Power Ventures Limited
Jaiprakash Power Ventures traded on a higher note during Wednesday's session after the company received the board of directors approval for divesting a 74% stake in joint venture  Jaypee Powergrid.

Jaypee Powergrid is a JV held by Jaiprakash Power and a state-owned Power Grid.

The share purchase agreement is yet to be executed, however, the transaction is seen to complete by March 31, 2021.

The buyer would be Power Grid, as per the regulatory filing.

At around 2.39 pm, Jaiprakash Power trades at Rs3.04 per piece up 2.4% on Sensex. 

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