Jaypee initiates steps to disinvest assets worth Rs 22,000 cr

Jaypee Group today said it has initiated steps for disinvestment of assets of over Rs 22,000 crore, to be completed by September, as the stock of its flagship Jaiprakash Associates crashed by over 20 per cent.

"Jaypee Group has, on a proactive basis, initiated steps for disinvestment of assets of over Rs 22,000 crore which are either being successfully concluded or are on track and to be completed by September, 2015," the firm said in a statement.

It alleged that "some unscrupulous elements are at play, planting fabricated stories about the Group ranging from share revocation, defaults in repayment obligations etc".

The company said: "We categorically deny all such rumours and wish to allay fears of all our shareholders. The steep fall in stock prices cannot be attributed to any development linked to the performance of the company or the action of any of our esteemed lenders.

"It is saddening to see that shares of JPVL (Jaiprakash Power Ventures Ltd) being traded at below par when it is amongst the 2-3 power companies of the country, which are being consistently posting profits."

Jaypee Group Chairman Manoj Gaur said it was saddening to see such malicious stories being planted by people with vested interests without verifying the factual position with the company during the challenging period of economy.

The shares of Jaiprakash Associates closed at Rs 13.05 a piece on BSE, down 20.67 per cent.