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JAL will offer 7.7% stake to ICICI Bank worth 366crore
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Tuesday, 14 November 2023
Jaiprakash Associates (JAL), a subsidiary of Jaypee Group, will give a 7.7% stake worth Rs 366 crore to ICICI Bank to settle part of its outstanding loan. ICICI Bank has an exposure of approximately Rs 3,000 crore in JAL, which is involved in cement, construction, hotels, and real estate businesses. The shares transferred to the bank were pledged as collateral. Earlier this month, JAL defaulted on loans amounting to Rs 4,258 crore, including principal and interest.
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