Jaiprakash Associates Ltd., part of well-diversified infrastructural industrial conglomerate in India Jaypee Group, has won a bid to buy 45% stake in small-sized energy explorer, Prize Petroleum for an undisclosed amount.

The stake in unlisted company was put on the block by ICICI Bank and its arm ICICI Venture Funds.

Prize Petroleum operates three small oil and gas fields in western India. The company was founded by state-run refiner Hindustan Petroleum Corp Ltd, which owns 50 percent, and rest is held by Indian banks.

Jaiprakash Associates has posted fiscal year 2008 consolidated net profit of Rs 677 crores, compared to Rs 553 crores in 2007, representing a growth of 22%.

Further, the company stated that its board has recommended a final dividend of 20% or Re. 0.40 per equity share of Rs 2 each for the fiscal year 2008.

The scrip of the company gained 6 per cent to Rs 287 at the close of Friday's trading with over 53,47,400 shares changing hands on the BSE. It touched an intraday high of Rs 291 and low of Rs 272.