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Jaypee Infratech slips 5% after NBCC submits revised bid that spices its offering

PW Bureau

Its shares were trading 4.46 percent down at Rs 2.57 on Thursday, while those of NBCC were 1.68 percent up at Rs 60.55 in the early morning trade

New Delhi: On a day when Jaypee Infratech shares slipped by 5 percent, while state-run National Buildings Construction Corporation (NBCC) rose by nearly 2 percent in the morning trade, NBCC submitted a revised bid in which it offered lenders Rs 5,000 crore worth of land parcels. Jaypee Infratech's shares were trading 4.46 percent down at Rs 2.57 on Thursday, while those of NBCC were 1.68 percent up at Rs 60.55 in the morning.

NBCC, along with Suraksha group, is in the race to buy the Jaypee Group firm. After they submitted their first bids, they were asked by Jaypee Group to sweeten their deals. Suraksha is believed to have already submitted a revised bid.

The previous offer

In the previous offer, NBCC had promised lenders parcels of Jaypee Group’s land worth Rs 3,000 crores to settle the debt as well as monetisation of Yamuna Expressway that connects Noida and Agra in Uttar Pradesh.

Adani to enter the fray?

Jaypee Infratech has also elicited interest from business conglomerate Adani Group. However, lenders are likely to seek Adani’s offer only after this round of insolvency proceedings gets completed.

Jaypee Infratech committee of creditors to meet on April 26

In a filing on the Bombay Stock Exchange, Jaypee Infratech said that a meeting of the committee of creditors (CoC) is scheduled to be held on April 26.