SBICAP invokes Jaypee's pledged shares worth 7.2%

Published On: 14, Dec 2017 | Source: business-standard.com

Trustee Company Ltd has invoked 10 crore pledged of debt-ridden Infratech, respresenting 7.2 per cent stake in the company.

According to a regulatory filing on the BSE, Trustee Company yesterday invoked these pledged


Crisis-hit group's flagship firm Jaiprakash Associates is the promoter company of Infratech and holds 71.64 per cent stake in the company.

Of the total held by promoter, 93.30 per cent were pledged, as per the shareholding pattern of September 30, 2017. Infratech's total market cap stood at Rs 1,993.12 crore at the current market price.

group is facing huge protest from home buyers due to significant delays in delivery of real estate projects. It is developing more than 30,000 flats in Noida, most of which are incomplete.

Infratech has been taken over by a National Company Tribunal (NCLT)-appointed Insolvency Resolution Professional (IRP) for recovery of bad loans.

A few months ago, the had admitted the application by an IDBI Bank-led consortium seeking resolution for JIL under the Insolvency and Bankruptcy Code.

Moving ahead with the process, IRP Anuj Jain had on October 27 issued a public notice seeking applications from entities with regard to resolution of JIL. Several players have submitted EOIs. The resolution plan needs to be approved by the creditors and the

Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra.