Held on 24 March 2014
The Board of Directors of Jaiprakash Associates (JAL) on 24 March 2014 has approved signing of Share Purchase Agreement with M/s. Dalmia Cement (Bharat) for sale of 74% stake (9,89,01,000 equity shares owned by it) in the paid-up equity share capital of Bokaro Jaypee Cement (BoJCL) [a joint venture between JAL and Steel Authority of India Ltd (SAIL)] to M/s. Dalmia Cement (Bharat) or any of its Associates / Affiliates.The above stake sale is subject to the approval of SAIL and such other approvals, as may be necessary from lenders of BoJCL and concerned authorities.
The consideration for the transaction works out to approximately Rs 69.74 per share (against its cost of Rs 18.57 per share).
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