Jaiprakash defers share sale in unit Jaypee Infra after prices fall

MUMBAI Thu Jan 24, 2013 9:06am IST

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS EXCLUSIVE

REUTERS SHOWCASE

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

Modi In U.S.

Modi In U.S.

Obama, Modi work to deepen improving U.S.-India ties  Full Article | Full Coverage 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Hopeful of Profit

Hopeful of Profit

GM sees first European profit in 2016 after years of losses  Full Article 

Reuters India Mobile

Reuters India Mobile

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