Latest news with #CCPS
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Business Standard
30-07-2025
- Business
- Business Standard
Lenders look to sell Jaiprakash Power's convertible shares in open market
ICICI Bank is in talks with power companies to facilitate sale of bankrupt company's unit Ruchika Chitravanshi Dev Chatterjee New Delhi/Mumbai Listen to This Article ICICI Bank and other Indian lenders seek to offload their stakes in the power business of bankrupt Jaiprakash Associates by selling in the open market compulsory convertible preference shares (CCPS) that have a face value of Rs 3,800 crore. ICICI Bank is in talks with power companies to facilitate the sale, according to a banking source familiar with the matter. Jaiprakash Associates Ltd (JAL), which is undergoing bankruptcy proceedings, owns 24 per cent in Jaiprakash Power Ventures. "Lenders are looking to sell the CCPS on behalf of all banks and this process has been underway for a while," said the
Time of India
30-07-2025
- Business
- Time of India
Lenders plan to exit Rs 3,800-cr JPVL investment
New Delhi: Lenders to Jaiprakash Power Ventures (JPVL) are looking to sell their investment worth ₹3,800 crore in the listed power company, people aware of the discussions told ET. The lenders came to own the equity in lieu of the funds they had advanced during debt restructuring , The investment is in the form of compulsorily convertible preference shares (CCPS) that were allotted at the time of the company's debt restructuring in 2019. The CCPS were issued in lieu of downsizing the company's repayable debt. The plan was discussed at a meeting of JPVL's committee of creditors last weekend, said the people aware of the lenders' plans. JPVL has a market capitalisation of ₹14,686 crore. It is profitable unlike its parent Jaiprakash Associates (JAL), which is undergoing insolvency proceedings. The buyer of the CCPS will own a sizeable 25% stake in JPVL upon conversion of the CCPS into shares. The transaction will also trigger an open offer for a further 26% to public shareholders as per Sebi norms. Effectively, the buyer could own up to 51% of the company. ICICI Bank leads the creditor group. The lenders have decided to approach 10-12 large power generation companies to assess their interest in purchasing the instruments, according to sources. The plan could face setbacks if bidders don't show interest. JPVL's shares surged 5% on Tuesday hitting the upper circuit and closed at ₹21 .43 apiece on the national stock exchange. ICICI Bank did not respond to ET's queries on the matter. JAL only has a 24% ownership in JPVL. If the CCPS changes hands then the control of the company will pass on to a new set of shareholders leaving JAL as a passive investor. Lenders have no interest in holding a stake in the company or getting involved operationally. JPVL has operational thermal and hydro power plants with 2.2 gigawatts of electricity generation capacity.
Time of India
29-07-2025
- Business
- Time of India
Lenders plan to exit Rs 3,800-cr JPVL investment
New Delhi: Lenders to Jaiprakash Power Ventures (JPVL) are looking to sell their investment worth ₹3,800 crore in the listed power company, people aware of the discussions told ET. The lenders came to own the equity in lieu of the funds they had advanced during debt restructuring , The investment is in the form of compulsorily convertible preference shares (CCPS) that were allotted at the time of the company's debt restructuring in 2019. The CCPS were issued in lieu of downsizing the company's repayable debt. Explore courses from Top Institutes in Please select course: Select a Course Category Others MBA Finance PGDM Data Analytics Leadership Data Science Public Policy CXO Product Management MCA Cybersecurity Healthcare healthcare Data Science Degree Project Management Digital Marketing others Management Design Thinking Operations Management Artificial Intelligence Technology Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details The plan was discussed at a meeting of JPVL's committee of creditors last weekend, said the people aware of the lenders' plans. JPVL has a market capitalisation of ₹14,686 crore. It is profitable unlike its parent Jaiprakash Associates (JAL), which is undergoing insolvency proceedings. The buyer of the CCPS will own a sizeable 25% stake in JPVL upon conversion of the CCPS into shares. The transaction will also trigger an open offer for a further 26% to public shareholders as per Sebi norms. Effectively, the buyer could own up to 51% of the company. Live Events ICICI Bank leads the creditor group. The lenders have decided to approach 10-12 large power generation companies to assess their interest in purchasing the instruments, according to sources. The plan could face setbacks if bidders don't show interest. JPVL's shares surged 5% on Tuesday hitting the upper circuit and closed at ₹21 .43 apiece on the national stock exchange. ICICI Bank did not respond to ET's queries on the matter. JAL only has a 24% ownership in JPVL. If the CCPS changes hands then the control of the company will pass on to a new set of shareholders leaving JAL as a passive investor. Lenders have no interest in holding a stake in the company or getting involved operationally. JPVL has operational thermal and hydro power plants with 2.2 gigawatts of electricity generation capacity.
The Hindu
29-06-2025
- The Hindu
Major cyber scam busted, five held
Puducherry cyber police has busted an online racket where scamsters planted fake advertisements of reputed entities on social media platforms and collected money for various products before vanishing without a trace. Since January this year alone, the racketeers had defrauded victims across various States to the tune of Rs. 10 crore. Five persons have been arrested in this connection, a press note from the police department said. The fraud came to light when a city resident lodged a complaint with Cyber Crime that he had been duped into shelling out Rs.30,97,264 to a person who had contacted him impersonating as the dealers of Vizag Steel Sales company and offered to deliver the product at low cost. However, after payment, the fraudster became incommunicado. Based on the complaint, a case was registered by Inspector of Police of CCPS, under various sections of the relevant Acts. During the investigation it was ascertained that the swindled money was transferred into various bank accounts in Bihar. As part of investigation, various cyber tools and open source cyber tools have been utilised to identify the accused who was tracked to be in Madhya Pradhesh. On the instruction of Nithya SSP, Cyber Crime and the guidelines of S. Bascarane, SP (Wireless, Cyber Crime) and S. Diagaradjane, Cyber Crime Inspector, a cyber team led by B.C. Kirtty, Inspector of Police and associates Manimozhi, Vinoth, Vinothkumar and Balaji proceeded to Madhya Pradhesh. By then, the accused escaped from there and gone Jharkhand. When the team pursued him to Jharkhand, the culprit fled to Bihar. Finally, the police arrested five persons--- Rahulkumar Singh, Uttam Vishal Kumar, Rayushan Kumar and Abhishek Kumar from Bihar and Dayand Gowda belonging to Bengaluru, the press note said. During the course of investigation, police seized Rs. 34 lakh in cash, 30 mobile phones six debit cards and other materials. Investigations revealed that the accused colluded with each other since 2019 scamming cheated all over India for more people from West Bengal, Maharastra, Telangana, Andhra Pradhesh, Tamil Nadu, Kerala, Karnataka, Madhya Pradhesh, Uttar Pradhesh and Odisha in the pretext of various modus operandi like The modus operandi was to creating fake advertisements on Facebook and other platforms using the names of genuine companies (e.g., Jindal Steel & Power, Vizag Steel Plant, JSW, Zuari Cement, Dhani Loan Processing, Lal Qila Basmati Rice, etc.). The police has unearthed details of about 5,000 persons who contacted them for the orders. It is now proposed to conduct a detailed enquiry regarding the bank accounts used by the cyber fraudster and the amount which were credited by them through this scam, police said. The accused were produced before the Magistrate at a court in Patna and obtained transit warrant and brought to Puducherry. They were produced before the Chief Judicial Magistrate, Puducherry and remanded to judicial custody. Sathyasundaram, Deputy Inspector General of Police and Praveen Kumar Tripathi Senior Superintendent of Police, Cyber Crime (I/C) lauded the meticulous work of the cyber team in nabbing the scamsters who had been evading the law for long. The cyber police has cautioned the public against indulging unknown persons offering products or job openings on social media sites or establishing contact from unfamiliar numbers. The police also advised those who lose money to online fraud to immediately notify Cyber Crime toll-free number 1930, website: or call the numbers 04132276144/9489205246.
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Business Standard
19-06-2025
- Business
- Business Standard
Diageo India to acquire majority stake in NAO Spirits for ₹130 cr
Diageo India (United Spirits) on Thursday announced that it is acquiring a controlling stake in NAO Spirits at an enterprise value of ₹130 crore ($15.2 million), resulting in NAO Spirits becoming a subsidiary of the company, it said in a release. United Spirits will first purchase 37,683 equity shares of NAO from its existing shareholders, in two tranches, for an aggregate consideration of approximately ₹53.80 crore, according to a stock exchange filing. It will then subscribe afresh to 31,820 equity shares and 27,577 compulsorily convertible preference shares (CCPS) of NAO for a total consideration of approximately ₹56 crore. 'Upon successful completion of both the acquisition of shares in the first tranche under the SPA (share purchase agreement) and the fresh subscription (which will occur simultaneously), the company will hold shares constituting approximately 97.07 per cent of the paid-up share capital of NAO, resulting in NAO becoming a subsidiary of the company,' United Spirits said in its exchange filing. The company also said that the board of directors, in its meeting on Thursday, has authorised a further investment of up to ₹20 crore in NAO by way of subscription to CCPS and equity shares, in one or more tranches, to fund the working capital and other requirements of NAO from time to time. Praveen Someshwar, managing director and chief executive officer, Diageo India (United Spirits), said in the release: 'Ventures, Diageo India's investment arm, is dedicated to strengthening our portfolio by investing in disruptive alco-bev start-ups. This allows us to offer consumers a wider array of products that resonate with evolving preferences. The acquisition of NAO Spirits, a promising portfolio company within our Ventures arm, represents a pivotal step in exploring future growth opportunities in Indian craft spirits.' Someshwar added that the company believes it is the right time to scale up NAO Spirits using Diageo's expertise, unlocking new avenues for distribution and production. He further said that over the past few years, India has seen the emergence of multiple craft gin players, and NAO Spirits has become a leader in the category. 'As consumers shift towards experimentation, repertoire, and casual drinking occasions, demand for local yet authentic, craft-oriented brands is on the rise. NAO Spirits' brands are well placed to cater to these evolving trends. Diageo India already has leading international gin brands such as Tanqueray in its portfolio,' he said.
