Shares of Jaiprakash Associates surged nearly 14 per cent today as UltraTech Cement completed the Rs 16,189-crore acquisition of its 6 integrated cement plants and five grinding units.
The stock jumped 13.61 per cent to settle at Rs 22.70 on BSE. During the day, it had soared 17.21 per cent to Rs 23.42 -- its 52-week high.
On NSE, it surged 13.21 per cent to close at Rs 22.70.
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Shares of UltraTech Cement however fell by 0.20 per cent to close at Rs 3,949.65 on BSE.
The scheme implementation committee at its meeting held today "made effective the scheme of arrangement between UltraTech, Jaiprakash Associates, Jaypee Cement Corporation and their respective shareholders and creditors", UltraTech said in a statement.
The Aditya Birla Group company added: "Consequently, the acquired cement plants of JAL and JCCL stand transferred to UltraTech."
JP Associates had last year announced the sale of its cement business to the Kumar Mangalam Birla-led Ultratech, making the biggest consolidation in the cement sector.
The deal will help the Jaypee Group firm to reduce debt, which runs into thousands of crores of rupees. The deal was subject to various regulatory approvals.
ICICI Bank said earlier in the day that a consortium led by it has concluded the biggest asset resolution in the country with consummation of the Rs 16,189 crore takeover of Jaypee Cements by Ultratech.
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