INSUBCONTINENT EXCLUSIVE:
Shares of Jaiprakash Associates (JP Associates) rose 5% to Rs 3.22 in intraday trade on the BSE on Tuesday after reports emerged that the
Adani Group is the only bidder to submit an unconditional offer in the ongoing insolvency process
which is currently pending before the Supreme Court.Jaiprakash Associates has attracted five bids, with Dalmia Bharat leading with a Rs
14,600 crore offer that includes the disputed land parcel
offer, sources close to the matter said.Also Read: 10 Nifty large-cap stocks with up to 38 buy calls; analysts see up to 20% upsideThe bids
Committee of Creditors (CoC) meeting on Monday
The disputed land is expected to impact bid valuations by around Rs 2,000 crore.
Live EventsVedanta and Jindal Power submitted bids of Rs
12,500 crore and Rs 10,300 crore respectively, while PNC Infratech offered Rs 9,500 crore
The Suraksha Group, which had earlier expressed interest, did not submit a firm bid on Monday."The CoC has asked all bidders to revise and
improve their financial offers," said a person familiar with the discussions.Jaiprakash Associates is currently undergoing resolution under
the Insolvency and Bankruptcy Code, with total admitted claims amounting to Rs 57,185 crore.Also Read: Suzlon, Adani Ports among 10 stocks
that earned upgrades in last 1 month
Check revised target price(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own
These do not represent the views of TheIndianSubcontinent)
