NEW DELHI: Jaiprakash Associates‘ board has approved the transfer of certain assets and liabilities, including debt of over Rs 11,834 crore, to its subsidiary Jaypee Infrastructure Development Ltd as part of its efforts to cut the overall borrowing of the company.
The company had called a board meeting to consider the recommendations of the audit committee on the debt restructuring process approved by the Joint Lenders’ Forum.
The Jaiprakash Associates Ltd (JAL) board “has consented to carry forward the same through the scheme of demerger of the identified assets and liabilities” into a wholly-owned subsidiary of the company, it said in a stock exchange filing late on Saturday.
“The scheme envisages a demerger of the undertakin…
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