New Delhi: Reeling under huge debt, Jaiprakash Associates Ltd (JAL) had said its board will meet on Thursday to review the progress of various divestments initiated being pursued by the company.
“Meeting of the board of directors of the company will be held on March 31, 2016, inter alia, to review the progress of various divestment initiated being pursued by the company,” Jaiprakash Associates Ltd said in a filing to BSE.
“Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Code of Conduct to Regulate, Monitor & Report Trading by Insiders for trading in listed or proposed to be listed securities, the trading window shall remains closed from March 29, 2016….to April 2, 2016,” the filing said. Ultratech Cement had last month called off a deal with Jaiprakash Associates (JAL) to acquire its two plants in Madhya Pradesh for an enterprise value of Rs 5,400 crore. In one of the biggest deals in the cement sector, in December 2014, Aditya Birla group firm Ultratech had said it will acquire two plants from Jaiprakash Associates (JAL) in Madhya Pradesh for an enterprise value of Rs 5,400 crore. Ultratech, country’s largest cement maker, had said its board has approved the acquisition of JAL’s Bela unit which has 2.1 million tonnes per annum (mtpa) clinker and 2.6 mtpa cement grinding capacity. Debt-ridden Jaiprakash Associates has been selling cement and power assets to pare debt and improve its balance sheet. — PTI
