In a BSE filing, the company said the proposal was approved by the shareholders as over 85% of votes were polled in favour
JP Associates has tanked 15% to Rs 15.90 in intra-day trade, extending its Monday's nearly 9% decline on BSE.
During the day, it jumped about 20% to Rs 30.40
JP Associates, Priya,Goa Carbon, Rasandik Engg, ITL Ind and Integrated Financial up between 90%-127%
The stock hit a fresh 52-week high of Rs 18.60, rallied 99% from Rs 9.34 on May 24.
Group flagship spared insolvency process, Jaypee Infratech to be referred to NCLT
The land bank will be liquidated at a later date, the lenders decided at a meeting on Thursday
Jaypee Group has been struggling to meet its debt servicing and payment obligations for the past several quarters due to its deteriorating financial health
After the debt-ridden group raised the sale value of 21.2 mtpa cement assets to Aditya Birla Group firm UltraTech
JP Associates, HCC, J Kumar Infra, Simplex Infrastructure, Sunil Hitech, IVRCL and MBL Infra up over 5% each.
Company owes over Rs 30,000 crore to a consortium of lenders led by ICICI Bank
But sale deal with UltraTech on track