Jaiprakash Associates shares soar 5 per cent high
Shares of JaiPrakash Associates has climbed upto 5 per cent high on Friday after the company told the Supreme Court that it wants to hive off offer for Yamuna Expressway Project worth Rs 2,500 crore. The stock rose as much as 4.17 per cent in early trade, hits highest since September.
The company had on Saturday approved transfer of certain assets and liabilities, including debt worth over Rs. 11,834 crore ($1.81 billion), to its unit Jaypee Infrastructure Development.
The move forms part of efforts to cut the company's overall debt. The demerger scheme does not include any cash consideration, says Jaiprakash Associates.
Last month, Jaiprakash Associates had said it had taken various steps to reduce its debt, including sale of its cement plants.
Earlier in the day, Jaypee Associates informed the Supreme Court that it wants to "hive off" the multi-crore Yamuna Expressway in order to generate money. Jaypee Associates told the apex court that it has an offer worth Rs 2,500 crore and sought permission to give the project to another party.
Jaypee Associate, the parent company of Jaypee Infratech, had earlier been asked by the apex court to deposit Rs 2,000 crore with the Supreme Court registry by October 27 for paying troubled home buyers.