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Jai Prakash Associates Limited: The troubles of Jaypee Group companies are showing no sign of abating. Group company Jaiprakash Associates Limited said in the information given to the regulator that it has failed to repay the loan of Rs 4616 crore on time. The due date for repayment of this loan was 30 April 2024.
Let us tell you that this loan is of Rs 1751 crore and the interest charged on it is Rs 2865 crore. Jai Prakash Associates Ltd said in a release that the company has to repay a total of Rs 29,805 crore (including interest) by 2037. On which there is a debt of Rs 4616 crore till 30 April 2024. Let us tell you that the company has taken this loan from different banks.
what company plans
Of the total loan of Rs 29,805 crore, Rs 18,955 crore is to be transferred to special purpose vehicles? The company has discussed this entire issue with all the partners. However, this issue is yet to be approved by NCLT. In a statement issued by Jaiprakash Associates, it has been said that as a responsible borrower, we are continuously trying to repay the loan. Loans for disinvestment of cement business etc. will be completely abolished. Let us tell you that Jai Prakash Associates is also fighting in the court regarding all these financial problems. ICICI Bank has filed a petition in NCLT Allahabad to initiate bankruptcy proceedings of the company.
94% of the stock has already been broken
On January 4, 2008, the share price of Jai Prakash Associates was at Rs 323. However, today it touched an intra-day low of Rs 17.25. That means till now a 95 percent decline has been seen in the company's shares. At 1:30 am on Tuesday, the company's shares were trading at a decline of more than 4 percent. However, even after this fall, the share price is almost 3 times higher than the 52-week low of Rs 6.92.