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Shares of Jaypee Infratech closed 10 percent higher on Friday after The Times of India reported that Sajjan Jindal-promoted JSW Steel plans to acquire a 30 percent stake in Jaypee Associates and jointly bid to invest in Jaypee Infratech which is facing insolvency proceedings. A meeting of the committee of Creditors is scheduled where the proposal is expected to be formally announced.
Jaypee Infratech was bought by Jaypee Associates under the insolvency proceedings at the behest of IDBI Bank which was in turn ordered by the Reserve Bank of India (RBI) to take action.
The spotlight is on Jaypee Infratech as almost 25,000 flat buyers are stuck for close to a decade as the projects are running behind schedule. Protests by home buyers has prompted the government to rework rules in a bid to protect them.
The Supreme Court earlier on October refused permission to embattled Jaiprakash Associates to hive-off the rights of multi-crore six-lane Yamuna Expressway connecting Greater Noida with Agra in Uttar Pradesh. Jaiprakash Associates is a parent company of Jaypee Infratech.
Jaypee Infratech ended at Rs 13.84, up Rs 1.25, or 9.93 percent. It has touched an intraday high of Rs 13.84 and an intraday low of Rs 12.89.
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