Markets

Jaypee Infratech jumps over 9% on Committee of Creditors nod for NBCC bid

PTI New Delhi | Updated on December 18, 2019 Published on December 18, 2019

Shares of Jaypee Infratech on Wednesday zoomed over 9 per cent after its Committee of Creditors (CoC) approved NBCC’s bid to acquire the company under insolvency process.

Shares of Jaypee Infratech were trading 9.26 per cent higher at Rs 1.77 apiece on the BSE. On the NSE, the stock rallied 6.06 per cent to Rs 1.75.

Shares of NBCC (India) also rose 0.85 per cent to Rs 35.55 on the BSE and NSE.

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.

Published on December 18, 2019
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