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.
Read the article online at: https://www.worldcement.com/indian-subcontinent/02032016/jaiprakash-associates-shares-ultratech-612/