Jaiprakash Hydro Power, a part of the Jaypee Group has decided to raise up to Rs 1,500 crore through issue of securities in the domestic and international markets.     

The company stated in a release that its board has approved the raising of funds by way of Qualified Institutional Placement (QIP) of shares and issuance of Foreign Currency Convertible Bonds (FCCBs) and depository receipts in the international market.     

Further, apart from latest development, JP Hydro Power has informed that it merge Jaiprakash Power Ventures with itself.

The board of the company has approved the amalgamation of Jaiprakash Power Ventures with Jaiprakash Hydro Power, with effect from April 1, 2009.     

Under the merger agreement, the shareholders of Jaiprakash Power Ventures would get three shares in Jaiprakash Hydro Power for every share held. It should be noted that the two power companies are subsidiaries of diversified conglomerate Jaiprakash Associates.

The shares of the JP Hydro Power closed on Friday with gain of 3% at Rs 92. The counter has made 52-week-high and low of Rs 104 and Rs 23 respectively.