Jaiprakash Power Venture raises Rs 950 crore through QIP

Jaiprakash Power Venture has raised Rs 950 crore ($175 million) in the largest primary issue in the power sector in nearly three years through a qualified institutional placement of shares.

The proceeds will be used for equity in our 2x660 mw Nigrie thermal power project, which will be commissioned in 2013-14, and the 3x660 mw Bara thermal project, which will be commissioned in 2014-15,' he added.