Jaiprakash Associates to raise Rs 500 crore

Jaiprakash Associates Ltd has announced that the Board of Directors of the Company at its meeting held on November 16, 2009, inter alia, has decided to raise low cost funds to the extent of Rs. 500 Crores by way of private placement of Unsecured Rated Commercial Papers.

The Board will consider proposal to disinvest / offer for sale upon 6 (six) crore equity shares out of 121.50 crore equity shares of Rs. 10 each held by the Company in Jaypee Infratech Ltd., a subsidiary of Jaiprakash Associates Ltd.

The stock closed the day at Rs.234.70, up by Rs.2.75 or 1.19%. The stock hit an intraday high of Rs.237.80 and low of Rs.232.35.

The total traded quantity was 1702937 compared to 2 week average of 3318436.

Source : Equity Bulls

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