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Jaypee group gets shareholders' nod to raise Rs 2,000 cr through securities

In a BSE filing, the company said the proposal was approved by the shareholders as over 85% of votes were polled in favour

Press Trust of India  |  New Delhi 

Jaiprakash Associates

Jaypee group's flagship company today said its shareholders have approved the proposal to raise up to Rs 2,000 crore through sale of

The special resolution was approved by the shareholders at the company's annual general meeting held on September 23.

Crisis-hit had sought shareholders nod to raise up to Rs 2,000 crore through issue of via routes like (QIP).

In a 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. 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.

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, September 25 2017. 16:09 IST