Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

Jaypee's New Revival Plan: Offering 2,000 Shares for Free to Each Home Buyer

Jaypee Infratech, a subsidiary of Jaypee group's flagship firm Jaiprakash Associates, had in 2007 started development of about 32,000 flats in Noida, of which it has delivered 9,500. It has applied for occupancy certificates to hand over 4,500 flats more.

PTI

Updated:May 10, 2018, 4:27 PM IST
facebookTwitter Pocket whatsapp
Jaypee's New Revival Plan: Offering 2,000 Shares for Free to Each Home Buyer
Representative image (Reuters)

New Delhi: Jaypee group has offered 2,000 equity shares of Jaypee Infratech for free to each home buyer as part of its Rs 10,000 crore proposal to revive the bankruptcy-hit real estate firm, sources said.

Earlier this week, Jaypee group promoter Manoj Gaur made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect the interest of all stakeholders including financial creditors, home buyers and minority shareholders.

Jaypee Infratech, a subsidiary of Jaypee group's flagship firm Jaiprakash Associates, had in 2007 started development of about 32,000 flats in Noida, of which it has delivered 9,500. It has applied for occupancy certificates to hand over 4,500 flats more.

According to sources, Jaypee group in its fresh proposal has offered 2,000 shares each to every home buyer on first registration. About 4.5 crore shares are estimated to be offered at nil consideration.

That apart, the group proposed to bear 50 per cent of stamp duty on behalf of the home buyers on first registration, they said adding the company plans to deliver all apartments in the next 42 months.

Jaypee Infartech will also pay penalty to home buyers as per the agreement and new realty law RERA, sources said.

Jaiprakash Associates has already deposited Rs 750 crore with the Registry of the Supreme Court and the amount would be utilised for refund to home buyers.

On Wednesday, lenders of Jaypee Infratech rejected a Rs 7,350 crore bid by Lakshadweep, the highest bidder for the company, as they found it inadequate.

The decision was taken at a meeting of the Committee of Creditors (CoC) that was called to decide on the bid received from Lakshadweep, whose offer was ranked higher than the one presented by Adani Group.

Last year, the National Company Law Tribunal (NCLT) had admitted the application by an IDBI Bank-led consortium, seeking resolution for Jaypee Infratech under the Insolvency and Bankruptcy Code.

The tribunal had appointed Anuj Jain as Interim Resolution Professional (IRP) to mange the company's business.

Later, Jain invited bids from investors interested in acquiring Jaypee Infratech and completing the stuck real estate projects in Noida and Greater Noida. Consequently, Lakshadweep emerged as a front runner to acquire Jaypee Infratech with Rs 7,350 crore bid.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ahona Sengupta
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
ICICI Bank 498.65 2.66
Yes Bank 68.75 0.81
SBI 306.00 -0.26
Reliance 1,462.75 -0.65
Indiabulls Hsg 211.35 -3.16
Company Price Change %Gain
Narayana Hruda 304.85 1.08
Cipla 451.50 0.73
Yes Bank 68.75 0.73
Indiabulls Hsg 211.20 -3.25
Cholamandalam 309.15 3.99
Top Gainers
Company Price Change %Gain
ICICI Bank 498.65 2.66
IOC 136.85 2.24
Infosys 705.30 2.02
Bajaj Finance 4,210.55 1.59
HDFC Bank 1,273.90 1.30
Company Price Change %Gain
ICICI Bank 498.75 2.67
Infosys 705.35 2.04
Bajaj Finance 4,211.95 1.65
Maruti Suzuki 7,247.10 1.28
HDFC Bank 1,273.70 1.25
Top Losers
Company Price Change %Gain
Bharti Infratel 208.65 -4.38
Vedanta 144.00 -2.96
Zee Entertain 282.00 -2.94
IndusInd Bank 1,375.10 -2.76
UltraTechCement 4,003.40 -2.73
Company Price Change %Gain
Vedanta 143.95 -2.90
IndusInd Bank 1,374.40 -2.79
Coal India 202.25 -2.39
Tata Motors 167.00 -2.11
Bharti Airtel 362.65 -1.59

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results