Shares of three Jaypee Group firms spurted on BSE after Jaiprakash Associates announced divestment of its cement plants spread across five states in favour of UltraTech Cement for enterprise value of Rs 16189 crore.
Jaiprakash Associates (up 29.63%), Jaypee Infratech (up 14.97%) and Jaiprakash Power Ventures (up 13.89%) surged.
The S&P BSE Sensex was down 68.27 points, or 0.25% at 27,210.49.
Shares of Jaypee Group companies spurted in anticipation that the deal with UltraTech Cement (UTCL) will help Jaypee Group pare its debt. Commenting on the divestment of some units of Jaiprakash Associates, Manoj Gaur, executive chairman, Jaypee Group said that the Jaypee Group is determined to reduce its overall debt through its proactive divestment initiatives to help the Group tide these current turbulent times caused by economic slowdown in the country. The Group would continue to leverage expertise in the fields of engineering & construction, real estate and project execution in a committed manner, he said.
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