Jaiprakash Power Ventures has dipped 10% to Rs 37.30 in opening deals on back of huge volumes on promoter stake sale report. A combined 18.11 million shares have changed hands on the BSE and NSE.
According to reports Jaypee Infra Ventures, the promoter of the company plans to sell 50 million shares in the company via open market transaction. Jaypee Infra Ventures will sell the shares in a price range of Rs 39 to Rs 41.50 each.
Bank of America-Merrill Lynch and IDFC Securities are the joint brokers of the share sale, added report.
Jaypee Infra Ventures owns 185.6 million shares or a 7.1% stake in the power company at the end of September 2012 quarter, the BSE data shows.
