New Delhi, 20 Nov

Shares of Jaiprakash Power Ventures Ltd extended their strong run on Thursday, jumping over 12 per cent in morning trade and taking the two-day surge to more than 29 per cent.

The stock rose 12.25 per cent to Rs 22.80 on the BSE, while it climbed 12.43 per cent to Rs 22.79 on the NSE. On Wednesday, it had gained over 15 per cent.

The rally comes after business tycoon GautamAdani secured the approval of creditors of Jaiprakash Associates (JAL) for Adani Enterprises’ Rs 14,535-crore acquisition proposal for the bankrupt infrastructure group. Adani’s bid outpaced those from Vedanta and Dalmia Bharat.

“The Committee of Creditors of Jaiprakash Associates, a company under the Corporate Insolvency Resolution Process, has approved the Resolution Plan submitted by Adani Enterprises,” the company said in a stock exchange filing. AEL received a Letter of Intent from the Resolution Professional on 19 November.

JAL, admitted to insolvency in June last year after defaulting on loans worth Rs 57,185 crore, owns assets across real estate, cement, hospitality, power, and engineering. Its portfolio includes Jaypee Greens in Greater Noida, Jaypee International Sports City near the upcoming Jewar airport, hotels in Delhi-NCR, Mussoorie and Agra, four cement plants in Madhya Pradesh and Uttar Pradesh, and stakes in subsidiaries such as Jaiprakash Power Ventures and Yamuna Expressway Tolling Ltd.