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.

ICICI Bank Limited has notified BSE Limited of a substantial disposal of shares in jaiprakash power ventures Ltd, pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The bank sold an aggregate of 24,35,00,000 equity shares of face value of Rs. 10 each through multiple open market tranches, with the last transaction completed on May 15, 2026. The disclosure was filed with the stock exchange on May 16, 2026, and signed by the authorised signatory at ICICI Bank's Mumbai office.

Shareholding Before and After the Sale

Prior to the disposal, ICICI Bank held a total of 68,33,61,064 equity shares in Jaiprakash Power Ventures, representing 9.97% of the company's total issued and paid-up equity share capital. The bank confirmed that it held no shares under encumbrance, no voting rights otherwise than by shares, and no warrants or convertible securities in the target company at that time. The following table summarises the key shareholding details before and after the transaction:

Details of the Disposal

The sale comprised 24,35,00,000 equity shares carrying voting rights, accounting for 3.55% of both the total and diluted share/voting capital of Jaiprakash Power Ventures. No voting rights were sold otherwise than by shares, and no warrants, convertible securities, or encumbered shares were involved in the transaction. The disposal was executed entirely through the open market.

Target Company Capital Structure

The equity share capital and total voting capital of Jaiprakash Power Ventures Ltd remained unchanged both before and after the sale. The company's total equity share capital stands at Rs. 68,53,45,88,270, comprising 6,85,34,58,827 equity shares of Rs. 10 each. This figure also represents the total diluted share/voting capital of the target company after the said sale.

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. ICICI Bank confirmed that it is not part of the promoter or promoter group of Jaiprakash Power Ventures Ltd. The shares of the target company are listed on BSE Limited and National Stock Exchange of India Limited. Following the completion of all tranches, ICICI Bank's residual holding in Jaiprakash Power Ventures stands at 43,98,61,064 equity shares, equivalent to 6.42% of the issued and paid-up equity share capital.