Jaypee Infratech sells stake for Rs 1,150 cr to ICICI Bank

MUMBAI: Jaypee Infratech Ltd, a subsidiary of the diversified business group Jaiprakash Associates, has raised Rs 1,150 crore by offloading one per cent stake to private sector lender ICICI Bank.

In a notice to the Bombay Stock Exchange, parent company Jaiprakash Associates said that ICICI Bank will be investing Rs 1,150 crore by way of subscription to 10 million equity shares of Rs 10 each for cash aggregating to Rs 250 crore and the balance Rs 900 crore as long-term loan in Jaypee Infratech.

In addition to ICICI Bank's one per cent shareholding, a Jaypee Group employee trust holds one per cent in in Jaypee Infratech. The parent company Jaiprakash Associates Limited will hold the remaining shares.

Jaypee Infratech Ltd is a company promoted and incorporated by Jaiprakash Associates Ltd to develop, construct and operate Taj Expressway, a 165 km six lane access controlled toll expressway between Noida and Agra in the state of Uttar Pradesh.