Jaiprakash Associates gains on plan to sell 1.5 MTPA Cement Grinding Unit for Rs 360 crore

Jaiprakash Associates is currently trading at Rs. 52.30, up by 0.50 points or 0.97% from its previous closing of Rs. 51.80 on the BSE.

The scrip opened at Rs. 51.50 and has touched a high and low of Rs. 52.50 and Rs. 51.10 respectively. So far 955804 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 89.85 on 11-Jun-2014 and a 52 week low of Rs. 30.10 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 56.15 and Rs. 50.70 respectively. The current market cap of the company is Rs. 12673.10 crore.

The promoters holding in the company stood at 45.07% while Institutions and Non-Institutions held 38.87% and 16.06% respectively.

Jaiprakash Associates has received an approval for sale of company’s 1.5 MTPA Cement Grinding Unit situated at Panipat, Haryana for a tentative consideration of around Rs 360 crore. The board of directors at its meeting held on August 25, 2014 have approved for the same.

The above is however subject to adjustments for net working capital and financial indebtedness taken over, as of the closing date of the transaction.

Jaypee Group is the country’s third largest cement maker. Swiss major Holcim owns majority stake in both ACC and Ambuja Cement with a combined capacity of around 52 mtpa in India.