Jaypee Infra up 4% as IndusInd invokes pledged shares
The pledged shares make up about 4.32 per cent stake of the crisis-hit firm.
By ETMarkets.com | Updated:
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NEW DELHI: Shares of Jaypee Infratech climbed over 4 per cent on Tuesday morning, a day after the company told exchanges that lender IndusInd Bank has invoked 6 crore pledged shares.
The pledged shares make up about 4.32 per cent stake of the crisis-hit firm.
Reacting to the report, the stock surged 4.47 per cent to hit a high of Rs 12.60 on the BSE. However, the scrip erased the gains and closed 4.98 per cent down at Rs 11.46 on BSE.
The shares were held by Jaypee Infratech promoter Jaiprakash Associates, the flagship company of the debt-ridden Jaypee group. The group is facing protest from home buyers due to significant delays in completing housing projects in Noida.
Jaiprakash Associates had 89.5 crore shares, translating into nearly 64.44 per cent, in Jaypee Infratech as of December-end 2017. Of its total shares, 92.55 per cent were pledged, a PTI report said.
The pledged shares make up about 4.32 per cent stake of the crisis-hit firm.
Reacting to the report, the stock surged 4.47 per cent to hit a high of Rs 12.60 on the BSE. However, the scrip erased the gains and closed 4.98 per cent down at Rs 11.46 on BSE.
The shares were held by Jaypee Infratech promoter Jaiprakash Associates, the flagship company of the debt-ridden Jaypee group. The group is facing protest from home buyers due to significant delays in completing housing projects in Noida.
Jaiprakash Associates had 89.5 crore shares, translating into nearly 64.44 per cent, in Jaypee Infratech as of December-end 2017. Of its total shares, 92.55 per cent were pledged, a PTI report said.
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