JPVL said talks with ADAG for sale of hydro assets was called off on regulatory uncertainties. Meanwhile, Reliance Power said the talks were off due to tariff issues.
Jaiprakash Power Ventures Ltd will not be hiiving off its two hydel projects into separate wholly-owned subsidiaries. JPVL had earlier planned to hive off Karcham Wangtoo and Baspa II into separate subsidiaries.
The company is part of diversified Jaypee group. "The draft Scheme of Arrangement for hiving off Baspa-II and Karcham Wangtoo Hydro Electric projects of the company to two separate wholly owned subsidiaries... has been dropped," JPVL said in a regulatory filing today.
For the scheme of arrangement, the company had received approval of the exchanges on June 13. The 300 MW Baspa II and 1,000 MW Karcham Wangtoo projects are among those that are proposed to be sold by Jaypee group to Reliance Power in a Rs 12,000-crore deal.
Both projects are located in Himachal Pradesh. Shares of the company declined nearly six per cent to close at Rs 13.65 on the BSE.
Jaiprakash Pow stock price
On September 24, 2014, Jaiprakash Power Ventures closed at Rs 13.65, down Rs 0.85, or 5.86 percent. The 52-week high of the share was Rs 26.63 and the 52-week low was Rs 12.05.
The latest book value of the company is Rs 21.54 per share. At current value, the price-to-book value of the company was 0.63.
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