Jaiprakash Associates to raise Rs 4000 crores through NCD issue

Jaiprakash Associates Ltd has announced that the Board of Directors of the Company at its meeting held on April 27, 2009, inter alia, has decided to raise a sum of approx Rs 4,000 Crores through Private Placement / Public Issue of Non Convertible Debentures, in one or more tranches, to meet the Company's requirement of funds for its capex, long term working capital arid other general corporate purposes.

Further, the Finance Committee of the Board has been authorised to decide on the terms including, size, Coupon Rate, Timing etc. of the proposed NCDs.

The Board has also noted the withdrawal of nomination of Shri. M J Subbaiah, as Nominee Director of ICICI Bank w.e.f. March 26, 2009.In view of the expanding business of the Company, the Board has decided that w.e.f. April 27, 2009, Shri. Rahul Kumar will be the Chief Financial Officer of the Company assisting Shri. S D Nailwal, Director (Finance).

The stock was trading at Rs.131.55, up by Rs.5.75 or 4.57%. The stock hit an intraday high of Rs.133 and low of Rs.120.

The total traded quantity was 15584269 compared to 2 week average of 7811907.

Source : Equity Bulls

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