Jaiprakash Hydro Power Ltd (JHPL) is planning to secure up to Rs 1,500 crore through the sale of shares, depositary receipts or bonds, as per the company's filing to the Bombay Stock Exchange. The funds, raised through, Qualified Institutional Placement (QIP) of shares or FCCBs, will meet the cash needs of the company in the uncertain market conditions.

The board of the firm, a subsidiary of Jaiprakash Associates Ltd, has also given its nod to the merger of Jaiprakash Power Ventures Ltd (JPVL) with Jaiprakash Hydro Power - having market capitalization of Rs 4537 - from April 1, 2009 onwards. Every shareholder of Jaiprakash Power Ventures will get three shares of Jaiprakash Hydropower for every share held in the company, as per the merger agreement.

Jaiprakash Power Ventures Ltd (JPVL), having 63 per cent holdings in Jaiprakesh Hydro Power Ltd, is also going to set up a 400-megawatt (MW) hydroelectric plant in north India, in a bid to satisfy the growing power needs of the region.