Jaiprakash Associates (JP Associates) board of directors at their meeting held on Friday has approved GDR Issue worth USD 400 million, the share holders approval has already been taken in the AGM for the GDR Issue.
JP Associates also approved the issue of 50 million convertible warrants to Jaypee Ventures, a promoter group company, on preferential basis, which will be convertible into equity shares of Rs 2 each within 18 months, at a price to be determined in accordance with SEBI Guidelines, subject to necessary approval of shareholders of the company.
Jaiprakash Associates stock has been trading firmly moving up from the past weeks, the company has also proposed for stock split. Jaiprakash Assoicates Stock Split Record date is not yet annouced but the stock split news and now the GDR will help the stock hit new highs.
Shares of Jaiprakash Associates company gained Rs 82.55, or 3.99%, to trade at Rs 2,154.
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