JP Associates inks pact with ICICI Bank, transfers 18.9 crore shares to reduce debt

Currently, JP Associates carries a debt of around Rs29,000 crores, with major lenders including SBI, ICICI Bank, and IDBI

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26 Aug, 2025 12:21

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Jaiprakash Associates Ltd and its trusts will transfer 18.93 crore shares to ICICI Bank Ltd as a part of a debt settlement, aiming to reduce their debt, according to a stock exchange announcement on November 14.

The consideration for the transfer will be based on the previous day's closing price on the NSE, as mentioned in the notice to exchanges, the release added.

The stock has surged over 140 percent in the last three months, reaching Rs 19.35 on November 13 from Rs 8 per share on August 22.

Currently, JP Associates carries a debt of around Rs 29,000 crore with major lenders including SBI, ICICI Bank, and IDBI. In October, CNBC-TV18 reported JP Associates and ICICI Bank were negotiating a loan restructuring plan.

According to a recent news report from The Economic Times, Jaiprakash Associates aims to settle a Rs 10,000-crore debt within two years, pending approval of its debt restructuring plan by lenders and release of Rs 600 crore from blocked banking limits. The company seeks to free up limits, continue operations, and service the debt scheduled for principal repayments in 2037.

The Jaypee group's debt-ridden flagship, covering hotel, real estate, and construction sectors, received funding from 34 banks. Although the debt restructuring plan was approved earlier, ICICI Bank and SBI have halted its implementation by taking the matter to the National Company Law Tribunal, requesting insolvency proceedings against the company, according to the ET news report. Moneycontrol could not independently verify that report.

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