Jaypee Infratech rebounds as OFS deferred

Jaiprakash Associates proposed to sell 27.9 million shares to institutional investors with an option to increase it by another 70.6 million.

Jaypee Infratech is trading higher by 4% at Rs 50.50, recovering from yesterday’s over 8% fall, after its promoter Jaiprakash Associates said it has deferred its decision to sell over 27.8 million shares of the company due to unusual fall in the share price.

On Wednesday, the stock had tanked 8.5% to close at Rs 48.60 on NSE, after Jaiprakash Associates, which owns about 83% of Jaypee Infratech, proposed to sell 27.9 million shares to institutional investors with an option to increase it by another 70.6 million.

The stock opened at Rs 50.55 and hit a high of Rs 51.50 on the NSE. A combined 1.8 million shares have changed hands on the counter so far on both the exchanges.