India, Nov. 19 -- Shares of Jaiprakash Power Ventures surged on Wednesday amid reports that Adani Enterprises Ltd. has been chosen to acquire Jaiprakash Associates Ltd. under the insolvency process.

JP Power's share price rose as much as 17.29% to Rs.20.69 on the BSE even as the benchmark Sensex traded half a percent higher. Trading in the stock of Jaiprakash Associates Ltd. is restricted as the company is insolvent.

Earlier on Wednesday, Reuters reported that creditors of Jaiprakash Associates, commonly known as Jaypee Group, have unanimously backed Adani's 13,500-crore takeover proposal, preferring it over a higher bid by Vedanta Ltd.

They opted for Adani's bid over Vedanta's higher Rs.17,000-crore bid because it included larger upfr...