NEW DELHI: Disaster-hit Jaypee Group‘s flagship agency Jaiprakash Associates (JAL) will give 7.7% stake, price Rs 366 crore at present market value, within the firm to ICICI Financial institution to clear a part of the excellent mortgage.
In line with sources, ICICI financial institution has an publicity of round Rs 3,000 crore in JAL, which is into many companies, together with cement, building, resorts and actual property.In a regulatory submitting, JAL on Tuesday knowledgeable that the corporate has entered right into a settlement settlement with ICICI Financial institution and can switch over 18.9 crore shares to the financial institution.
Individually, ICICI Financial institution knowledgeable that these shares had been pledged to ICICI Financial institution. After settlement with the obligors, ICICI Financial institution stated it will cut back its dues from JAL, to the extent of worth of shares transferred to the financial institution, below the settlement settlement.
Earlier this month, JAL knowledgeable that it has defaulted on loans price Rs 4,258 crore, together with principal and curiosity quantity. JAL had stated that on October 31 the corporate defaulted on repayments of a principal quantity of Rs 1,733 crore and an curiosity of Rs 2,525 crore. The loans pertained to numerous banks, and the character of the duty is fund-based working capital, non-fund-based working capital, time period loans and FCCB (international foreign money convertible bonds).
In line with sources, ICICI financial institution has an publicity of round Rs 3,000 crore in JAL, which is into many companies, together with cement, building, resorts and actual property.In a regulatory submitting, JAL on Tuesday knowledgeable that the corporate has entered right into a settlement settlement with ICICI Financial institution and can switch over 18.9 crore shares to the financial institution.
Individually, ICICI Financial institution knowledgeable that these shares had been pledged to ICICI Financial institution. After settlement with the obligors, ICICI Financial institution stated it will cut back its dues from JAL, to the extent of worth of shares transferred to the financial institution, below the settlement settlement.
Earlier this month, JAL knowledgeable that it has defaulted on loans price Rs 4,258 crore, together with principal and curiosity quantity. JAL had stated that on October 31 the corporate defaulted on repayments of a principal quantity of Rs 1,733 crore and an curiosity of Rs 2,525 crore. The loans pertained to numerous banks, and the character of the duty is fund-based working capital, non-fund-based working capital, time period loans and FCCB (international foreign money convertible bonds).
