Jaiprakash Associates to sell entire stake in Bhilai Jaypee Cement
DSIJ Intelligence / 01 Sep 2017
In the wake of the company announcing the proposed sale of its entire 71% stake in Bhilai Jaypee Cement, the stock of Jaiprakash Associates gained 2.72% at Rs 24.55 per share on the BSE at 1118 hours.
In the wake of the company announcing the proposed sale of its entire 71% stake in Bhilai Jaypee Cement, the stock of Jaiprakash Associates gained 2.72% at Rs 24.55 per share on the BSE at 1118 hours.
The company plans to sell its entire stake in Bhilai Jaypee Cement Limited (BJCL), which owns 1.1 MTPA clinker plant at Babupur, Satna, Madhya Pradesh and 2.2 MTPA cement grinding unit at Bhilai, Chhattisgarh to Orient Cement Limited at a total enterprise value of Rs 1,450 crores, which is expected to be finalised by December 31, 2017, the company informed in a BSE filing.
The amount would be used for capital expenditure, reduction of debts, general corporate purposes, and for raising working capital requirement for real estate business and other businesses.
The company also informed the shareholders that in consultation with its lenders it has finalised a Debt Realignment Plan (DRP) wherein a part of the total debt would be retained in the company and the residual debt would be transferred along with land and certain other assets as part of a real estate undertaking to a SPV.
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