JP Assoc rises buzz of sale of cement biz

The company has decided to repay around Rs 3,100 crore ($550 million) of FCCBs

Jaiparakash Associates has moved higher over 3% at Rs 61.75 on reports that the company is planning an outright sale of its cement operations in Gujarat and in discussion with a global cement giant for the same.  The transaction is expected to fetch about Rs 6,000 crore.

Meanwhile, the company has decided to repay around Rs 3,100 crore ($550 million) of foreign currency convertible bonds (FCCBs) ahead of their maturity in September, added report.

A combined 2.43 million shares have changed hands on the counter so far on the NSE and BSE.