Jaypee Infra jumps nearly 10 pc on lenders' nod for NBCC bid

Shares of Jaypee Infratech on Wednesday zoomed nearly 10 per cent after its Committee of Creditors (CoC) approved NBCC's bid to acquire the company under insolvency process.

Shares of Jaypee Infratech closed 9.88 per cent higher at Rs 1.78 apiece on the BSE.

On the NSE also, the stock rallied 9.09 per cent to close at Rs 1.80.

The stock closed on upper price band on the BSE and the NSE.

More than one crore shares of Jaypee Infratech were traded on the NSE and over 28 lakh units on the BSE.

Shares of NBCC (India) also rose 0.14 per cent to Rs 35.30 on the BSE and 0.14 per cent to Rs 35.30 on the NSE.

In terms of volume, over 1.7 crore shares exchanged hands on the NSE and 7.25 lakh on the BSE.

Jaypee Infratech's financial creditors, including lenders and homebuyers, approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources.

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.