In a bid to relive its debt burden, the diversified infrastructural conglomerate - Jaiprakash Associates is seeking strategic investors for its cement plants located in the state of Gujarat and Andhra Pradesh. The said cement plants are presently under its subsidiary - Jaypee Cements, as the parent company had already hived off the cement business. As per few media reports, Aditya Birla Group of Ultratech Cement and France’s Lafarge are the frontrunners in the race and are in talks with JP Associates. Following this deal, if sealed, the debt burden of JP Associates will be eased by around Rs 9,000 crore.
Jaiprakash Associates is currently trading at Rs. 68.60, up by 1.05 points or 1.55% from its previous closing of Rs. 67.55 on the BSE.
The scrip opened at Rs. 68.60 and has touched a high and low of Rs. 69.45 and Rs. 68.20 respectively. So far 594824 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 88.90 on 03-Apr-2012 and a 52 week low of Rs. 50.45 on 09-Jan-2012.
Last one week high and low of the scrip stood at Rs. 71.50 and Rs. 66.85 respectively. The current market cap of the company is Rs. 14566.07 crore.
The promoters holding in the company stood at 46.76% while Institutions and Non-Institutions held 33.46% and 19.79% respectively.