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JP Power share price: Shares of Jaiprakash Power Ventures (JP Power) surged over 13% in intra-day trade on Monday, extending its rally to the second session in a row after media reports suggested that Adani Group, led by billionaire entrepreneur Gautam Adani, has emerged as the highest bidder to acquire Jaiprakash Associates (JP Associates). 

Acquisition by a well-managed and financially strong Adani group not only bodes well for the company but also for JP Power, wherein JP Associates holds a 24% stake. 

According to a Business Standard report last Friday, Adani Group's bid for JP Associates stands at ₹12,500 crore. Vedanta, JSPL, Surakasha Group, Dalmia Bharat and PNC Infratech are among other potential buyers who submitted bids for JP Associates.

In April, as many as 25 companies showed interest to acquire JAL.

JAL, which has business interests spanning real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.

The company was taken to insolvency proceedings after the conglomerate defaulted on the payment of loans. Creditors are claiming a staggering ₹57,185 crore.

More to come...

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