Jaiprakash Associates Ltd (JAL) today said its board had approved the transfer of certain assets and liabilities, including a 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 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 informed the BSE in a regulatory filing.
“The scheme envisages a demerger of the undertaking comprising identifi…
Read the full article at: http://www.zeebiz.com/agencies/jaiprakash-associates-approves-debt-restructuring-27074