Jaypee Associates seeks SC's nod to sell Yamuna Expressway

The beleaguered Jaypee group on Friday informed the Supreme Court that it wants to 'hive off' the multi-crore Yamuna Expressway 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. The company had earlier been asked by the apex court to deposit Rs. 2,000 crore by October 27 which would be returned to the company's homebuyers. The court was hearing a plea by over 40 homebuyers of Jaypee wish town project at Noida in Uttar Pradesh who have challenged certain provisions of the Insolvency and Bankruptcy Code, 2016.

For the quarter ended June 30, 2017, the company reported total revenue at 2,585.44 crore and net profit stood at 764.99 crore.

At 12:19 pm, Jaiprakash Associates was trading at Rs. 20, up by 75 paise or 4.17 per cent from its previous closing price of Rs. 19.75 on BSE, while the Sensex was up 230 points, or 0.71 per cent, at 32,412. The scrip opened at Rs. 19.05 and touched a high and low of Rs 20.25 and Rs 18.80, respectively. The stock attracted a traded volume of 87,28,583 shares on the BSE. The current market cap of the company is Rs 4,828.43 crore.