ALSO READJP Associates hits fresh 52-week high, Jaypee Infratech up 20% Post Rs 15,000-cr QIP, SBI's paid up capital rises to Rs 863 crore Jaiprakash Associates falls 22% in two days; Jaypee Infratech down 5% SBI flags off QIP to raise Rs 11,000 crore Rs 15,000 crore raised via QIP will support growth for two years: SBI chief
The special resolution was approved by the shareholders at the company's annual general meeting held on September 23.
In a BSE filing, the company said the proposal was approved by the shareholders as over 85 per cent of votes were polled in favour.
The amount would be used for capital expenditure, reduction of debt, general corporate purposes and for raising working capital requirement for real estate business and other businesses, the company had said in a notice to shareholders.
Jaiparaksh Associates is a diversified infrastructure company and is engaged in segments as engineering, construction and real estate development, manufacture and marketing of cement, hospitality and sports management.
It had said in the notice that it has taken various steps to reduce its debt, including a sale of cement plants.
"The company is focusing on its core area of strength i.e. Engineering and Construction and is bidding for various construction projects. Further, steps are being taken to strengthen its marketing network, strategies for marketing its products in cement & real estate space," the notice said.
Jaypee group firm Jaypee Infratech is facing huge protest from home buyers because of significant delays in delivery of projects and doubt over its financial health.
The NCLT-appointed interim resolution professional (IRP) has taken over the management of Jaypee Infratech.
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