Jaiprakash defers share sale in unit Jaypee Infra after prices fall
MUMBAI (Reuters) - Engineering and construction company Jaiprakash Associates Ltd (JAIA.NS) has deferred a planned sale of shares in its unit Jaypee Infratech (JYPE.NS) after share prices of the subsidiary fell 8.5 percent on Wednesday, the parent company said.
"In view of today's unusual fall in the share price of Jaypee Infratech ... Jaiprakash Associates Ltd has decided to defer the said offer for sale," the company said in a statement late on Wednesday.
Jaiprakash Infratech, which builds roads and homes primarily in the north Indian state of Uttar Pradesh, had planned to sell 98.5 million shares on Thursday to raise up to $94 million to meet the market regulator's guidelines on minimum public shareholding.
On Tuesday, Jaiprakash Associates, which owns about 83 percent of Jaypee Infratech, had said it would sell 27.9 million shares to institutional investors with an option to increase it by another 70.6 million.
(Reporting by Indulal PM; Editing by Ranjit Gangadharan)
- Tweet this
- Share this
- Digg this
- UPDATE 9-Total CEO de Margerie killed in Moscow as jet hits snow plough
- Indiana police charge suspect who may have killed for decades
- Total CEO de Margerie killed in Moscow business jet accident
- China's growth slowest since global crisis, annual target at risk
- Oil falls below $86 as oversupply, global economy worries weigh
Financial Technologies (India) Ltd slumps 20 percent to its daily limit. The government orders the company be merged with unit National Spot Exchange Ltd (NSEL). Full Article
Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman. Full Article