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.