JP Associates gets shareholders’ nod to raise up to Rs 2,000 crore
Jaiprakash Associates on Monday said its shareholders have approved the proposal to raise up to Rs 2,000 crore through sale of securities. The special resolution was approved by the shareholders at the company’s annual general meeting held on September 23.
Jaiprakash Associates had sought shareholders nod to raise up to Rs 2,000 crore through issue of securities via routes like qualified institutional placement (QIP). In a BSE filing, the company said the proposal was approved by the shareholders as over 85 per cent of votes were polled in favour.
The amount would be used for capital expenditure, reduction of debt, general corporate purposes and for raising working capital requirement for real estate business and other businesses, the company had said in a notice to shareholders.