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:
  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Intel's Valuation

Intel's Valuation

Intel could rise 30 percent over next two years - Barron's.  Full Article 

Canonisation

Canonisation

Pope declares sainthood of two Indians, four Italians.  Full Article 

Stake Sale Strike

Stake Sale Strike

Coal India trade unions call off strike in victory for Modi.  Full Article 

Interview with Bulgari CEO

Interview: Bulgari CEO

Bulgari CEO: we shouldn’t have left India so we’re back.  Full Article 

Formula One

Formula One

Hamilton takes second F1 title in style.  Full Article 

Available For Remake

Available For Remake

Bollywood finally wants to pay the price for remakes.  Full Article 

Davis Cup

Davis Cup

Vintage Federer seals first Davis Cup for Switzerland.  Full Article 

Reuters India Mobile

Reuters India Mobile

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