India's Jaiprakash Hydro to raise upto $314 mln

MUMBAI, July 4 (Reuters) - Indian utility Jaiprakash Hydropwer Ltd (JAPR.BO) said on Saturday its board had approved raising up to 15 billion rupees ($314 million) through the sale of shares, depositary receipts or bonds.

In a statement to the stock exchange, the company said its board had also approved absorbing unlisted group firm Jaiprakash Power Ventures Ltd, which is setting up a 400-megawatt hydroelectric plant in northern India.

It said it would issue three shares of Jaiprakash Hydropower for every share held in Jaiprakash Power Ventures. ($1=47.8 rupees) (Reporting by Prashant Mehra; Editing by Valerie Lee)