Jaiprakash Power Ventures Limited has seen a significant ownership change as Adani Power Limited acquired a 24% stake from promoter Jaiprakash Associates Limited for ₹2,994 crore, as part of an agreed insolvency resolution plan. The transaction involved the disposal of 1,64,48,30,118 equity shares through an off-market sale completed on May 21, 2026.

The disclosure was made to the BSE and NSE on May 22, 2026, in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Prior to the sale, Jaiprakash Associates held these shares as a promoter of the company.

Transaction Details

The sale resulted in Jaiprakash Associates reducing its holding in Jaiprakash Power Ventures to zero. The total voting capital of the company before and after the transaction remained unchanged at 6,85,34,58,827 equity shares of ₹10 each. The following table summarises the key details of the transaction:

Acquirer and Resolution Context

The acquirer, Adani Power Limited, does not belong to the promoter or promoter group of Jaiprakash Power Ventures. The acquisition was carried out as part of an agreed insolvency resolution plan, marking a structural shift in the ownership of the company. Following the transaction, Jaiprakash Associates no longer holds any equity shares or voting rights in Jaiprakash Power Ventures Limited.

Jaiprakash Power Ventures Limited has announced significant changes to its Board of Directors following the implementation of the resolution plan for its promoter company, Jaiprakash Associates Limited. In a meeting held on May 22, 2026, the board approved the appointment of three additional directors and accepted the resignations of five existing directors.

Appointments

The company appointed Mr. Savan Jayendra Patel, Mr. Jayadeb Nanda, and Mr. Naresh Telgu as Additional Directors on the board, effective May 22, 2026. These appointments are based on the recommendations of the Nomination & Remuneration Committee and are subject to shareholder approval. Mr. Patel has been designated as a Whole-time Director for a period of three years.

Profiles of New Appointees

Mr. Patel is a qualified Chartered Accountant with nearly three decades of experience, currently serving as the Chief Commercial Officer of Adani Power Limited. Mr. Nanda brings over 34 years of experience in the power sector, having previously served as Advisor for Operations & Maintenance at Adani Power and as Executive Director at NTPC. Mr. Telgu is an experienced executive in the energy sector, currently driving Adani Group's portfolio of pumped storage and hydro projects.

Resignations

The board accepted the resignations of three Executive Directors and two Independent Directors, all effective immediately from May 22, 2026.

Executive Directors

The resignations of the following Executive Directors were accepted:

Independent Directors

Shri Dinesh Kumar Likhi and Shri Suresh Chandra Saxena resigned as Independent Directors. Shri Likhi cited increasing preoccupation with personal commitments, while Shri Saxena cited other professional and personal commitments. Both directors confirmed there were no other material reasons for their resignations. Consequently, Shri Likhi ceased to be the Chairman of the Audit Committee and a member of the Corporate Social Responsibility Committee and Risk Management Committee. Shri Saxena ceased to be a member of the Audit Committee and Nomination and Remuneration Committee.