Jaiprakash Associates defers share sale in unit Jaypee Infratech after prices fall
- Rs 20L seized from Ajit Chandila relative's home, another ex-cricketer held
- Indian American teen Eesha Khare invents wondrous 20-sec charger, Google eyes bid
- India and China ask SRs to work on more border steps
- Can't charge man with rape over consensual sex even if marriage eludes: Supreme Court
- Saudi Arabian authorities refuse to accept new Indian passports
Indian engineering and construction company Jaiprakash Associates Ltd has deferred a planned sale of shares in its unit Jaypee Infratech after share prices of the subsidiary fell 8.5 percent on Wednesday, the parent company said.
"In view of today's unusual fall in the share price of Jaypee Infratech ... Jaiprakash Associates Ltd has decided to defer the said offer for sale," the company said in a statement late on Wednesday.
Jaiprakash Infratech, which builds roads and homes primarily in the north Indian state of Uttar Pradesh, had planned to sell 98.5 million shares on Thursday to raise up to $94 million to meet the market regulator's guidelines on minimum public shareholding.
On Tuesday, Jaiprakash Associates, which owns about 83 percent of Jaypee Infratech, had said it would sell 27.9 million shares to institutional investors with an option to increase it by another 70.6 million.
Company INFO More on Jaiprakash Associates
- 'Sophisticated' Indian cyberattacks targeted Pak military sites: Report
- Talkative Li quoted Weber, Hegel, Jobs, said PM is large-hearted
- Bihar food corp ends up with chaff as rice worth Rs 535 cr vanishes from mills
- In 7 lucrative minutes on May 9, Sreesanth bowled six balls, bookie made Rs 2.5 cr
- India and China ask border envoys to work on more steps
- Former Ranji player among 3 more held