Jaiprakash Associates on Monday announced that it will sell 74 per cent stake in Bokaro Jaypee Cement, its joint venture with state-run SAIL, to Dalmia Cement (Bharat) for Rs. 690 crore. The stake sale will take place at Rs. 69.74 per share against acquisition cost of Rs. 18.57 per share, the company added.
The deal is subject to the approval of Steel Authority of India, its joint venture partner in Bokaro, Jaiprakash said after a board meeting.The infra major has been on an asset-selling spree to de-leverage its balance sheet. Including subsidiaries, Jaiprakash Associates had total debts of Rs. 55,000 crore to Rs. 56,000 crore in September. The company has planned to cut its debt by Rs. 15,000 crore through sales of assets including cement and power plants during the current fiscal year through March.
The deal is subject to the approval of Steel Authority of India, its joint venture partner in Bokaro, Jaiprakash said after a board meeting.The infra major has been on an asset-selling spree to de-leverage its balance sheet. Including subsidiaries, Jaiprakash Associates had total debts of Rs. 55,000 crore to Rs. 56,000 crore in September. The company has planned to cut its debt by Rs. 15,000 crore through sales of assets including cement and power plants during the current fiscal year through March.