Jaypee Infra share sale on Thursday to cut parent stake

MUMBAI Wed Jan 23, 2013 1:03pm IST

Related Topics

Stocks

   

MUMBAI (Reuters) - Jaypee Infratech's(JYPE.NS) parent will sell up to 98.5 million shares on Thursday to raise up to $94 million to meet the market regulator's guidelines on minimum public shareholding.

Jaiprakash Associates, which owns about 83 percent of Jaypee Infratech, will sell 27.9 million shares to institutional investors with an option to increase it by another 70.6 million, the company said in a statement late on Tuesday.

Jaypee Infratech, which builds roads and homes primarily in the north Indian state of Uttar Pradesh, plans to announce the floor price for the share auction after market hours on Wednesday, it said.

The Securities and Exchange Board of India has directed listed companies to ensure that at least 25 percent of their shares are publicly traded by June end.

Jaypee Infratech shares were down around 4 percent at 51 rupees at midday.

JPMorgan is the banker to the deal.

(Reporting by Aditi Shah; Editing by G.Ram Mohan)

FILED UNDER:

Economic Pulse

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage