Jaiprakash Associates has entered into a settlement pact with ICICI Bank, whereby it would be transferring more than 18.9 crore shares to the private lender, a regulatory filing stated on November 14.
The agreement is part of the company’s ongoing efforts to reduce its debt burden.
“With a view to give thrust to the ongoing efforts of the Company to reduce its debt, the Company, alongwith Trusts holding 18,93,16,992 Equity shares of the Company have entered into a Settlement Agreement with ICICI Bank (Lender) to transfer the said shares to Lender,” the exchange filing said.
“The value/consideration of the said shares shall be arrived on the basis of the closing price at National Stock Exchange of India Limited on the day prior to the day of actual transfer of shares to the demat account of the Lender,” it added.
(This is a developing story)
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Updated: 14 Nov 2023, 03:01 PM IST
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