Jaiprakash Associates shares jump
Published by Joseph Green,
Editor
World Cement,
Bloomberg has reported that Jaiprakash Associates shares jumped the most since November after the company announced plans to sell its cement units to UltraTech Cement at a value of US$2.4 billion.
Jaiprakash Associates increased by as much as 8.1% on 29 February after the company announced that it had signed a binding memorandum of understanding on the sale. UltraTech will take on the Jaiprakash cement operations’ debt while paying little or no equity.
The deal will increase UltraTech’s capacity by 33% to 90.7 million t and give it access to markets in six Indian states.
KKR & Co. and JSW Cement Ltd. had also bid for Jaiprakash’s cement assets.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/indian-subcontinent/02032016/jaiprakash-associates-shares-ultratech-612/
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