IndusInd Bank Ltd. has invoked 6 crore pledged shares, which make up about 4.32 percent stake, of the crisis-hit Jaypee Infratech Ltd.
These shares were held by Jaypee Infratechs promoter Jaiprakash Associates Ltd., which is the flagship company of debt-ridden Jaypee Group. The group is facing protest from homebuyers for significant delays in completing of housing projects in Noida.
In a regulatory filing, Jaiprakash Associates informed that, IndusInd Bank Ltd. has transferred in its name 6 crore shares of Jaypee Infratech Ltd. held by the company which stood pledged in their favour.
Jaiprakash Associates had 89.5 crore shares, about 64.44 percent stake in Jaypee Infratech as on Dec. 31, 2017. Of the total shares held by it, 92.55 per…
Read the full article at: https://www.bloombergquint.com/insolvency/2018/03/05/indusind-bank-invokes-6-crore-pledged-shares-of-jaypee-infratech