Jaiprakash Power Ventures drops 7% on QIP issue launch

Jaiprakash Power Ventures , a subsidiary of Jaiprakash Associates, fell nearly 7 percent in early trade on Wednesday after the company decided  launched its qualified institutional placement (QIP) issue of Rs 3,500 crore on Tuesday.

The company has set floor price for the QIP issue at Rs 31.93 per share, which was at a discount of 2.8 percent to the price of Rs 32.85 as on February 19.

At 10:16 hours IST, shares declined 6.7 percent to Rs 30.65 on Bombay Stock Exchange.

Trading volumes rose by 21.41 percent to 4,74,544 equity shares as against five-day average of 3,90,873 shares.

Market capitalisation of the company currently stands at Rs 8,044.88 crore.