Jaiprakash Hydro to raise upto $314 mln

MUMBAI (Reuters) - Utility Jaiprakash Hydropwer Ltd said on Saturday its board had approved raising up to 15 billion rupees ($314 million) through the sale of shares, depositary receipts or bonds.

In a statement to the stock exchange, the company said its board had also approved absorbing unlisted group firm Jaiprakash Power Ventures Ltd, which is setting up a 400-megawatt hydroelectric plant in northern India.

It said it would issue three shares of Jaiprakash Hydropower for every share held in Jaiprakash Power Ventures.

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