Jaiprakash Power shares fall; promoters sell

Shares of Jaiprakash Power Ventures fell as much as 10.22 percent on Tuesday after the company's promoters sold 49.7 million shares, or about 2 percent of its equity, at an average price of Rs 39 a share.

The block deal was at a 6.14 percent discount to Monday's closing price Rs 41.55, according to Thomson Reuters data.

The company raised about Rs 1.94 billion (Rs 194 crore) in a series of block deals on the Bombay Stock Exchange, the data showed.

Bank of America Merrill Lynch was the sole manager to the transaction, according to two sources with direct knowledge of the deal.

Jaiprakash Power and Bank of America Merrill officials were not immediately available to comment.

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