Jaypee Infratech Shares Slump 5% After Adani Group Submits Bid

Shares of Jaypee Infratech slumped nearly 5 percent intraday on Wednesday following Adani Group’s submission of a  non-binding bid for the beleaguered company.

Adani Group will pay, according to sources, ₹500 crore upfront in cash along with other fund infusions of ₹1,700 crore to complete the project for homebuyers.

The Adani Group’s bid comes free of any conditions and is much higher than the offer made by NBCC.

In its latest offer, NBCC proposed an infusion of Rs 200 crore equity capital, transfer of 950 acres of land worth Rs 5,000 crore as well as Yamuna Expressway to banks and completion of flats construction by July 2023 in order to settle an outstanding claim of Rs 23,723 crore of financial creditors.

The Rs 500 crore upfront payment includes the total cost of Corporate Insolvency Resolution Process (CIRP), Rs 23 crore in payment to unsecured financial creditors and payment to workmen.

Moneycontrol is yet to verify the details of the offer from Adani Group as well as the resolution professional (IRP).

At 0956 hrs, Jaypee Infratech was quoting Rs 2, up 4.71 percent on the BSE.