JP Associates gains after selling stake in Bokaro unit - The New Indian Express

JP Associates gains after selling stake in Bokaro unit

Published: 25th March 2014 10:19 AM

Last Updated: 25th March 2014 10:19 AM

Jaiprakash Associates shares gained on Tuesday after said the board of directors has approved signing of share purchase agreement with Dalmia Cement (Bharat) for sale of 74% stake in the paid-up equity share capital of Bokaro Jaypee Cement (BoJCL), a joint venture between JAL and Steel Authority of India (SAIL), to Dalmia Cement (Bharat) or any of its associates.

The above stake sale is subject to the approval of SAIL and such other approvals, as may be necessary from lenders of BoJCL and concerned authorities. The consideration for the transaction works out to approximately Rs 69.74 a share (against its cost of Rs 18.57 a share).

Shares of the company are trading at Rs 49.65, up Rs 0.65, or 1.33% at the Bombay Stock Exchange (BSE) on Tuesday at 9:41 a.m.The scrip has touched an intra-day high of Rs 50 and low of Rs 49.40. The total volume of shares traded at the BSE is 492,409.

In the earlier session, the shares rose 1.34%, or Rs 0.65, at Rs 49.Currently, the stock is trading down 40.61% from its 52-week high of Rs 83.60 and above 74.82% over the 52-week low of Rs 28.40.

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