** Jaiprakash Associates Ltd rises as much as 2.8 pct in early trade, hits highest since Sept 18

** Co on Saturday approved transfer of certain assets and liabilities, including debt worth over 118.34 bln rupees ($1.81 billion), to unit Jaypee Infrastructure Development (http://bit.ly/2hZN67J)

** Move forms part of efforts to cut overall debt

** Demerger scheme does not include any cash consideration, Jaiprakash Associates says

** Stock has gained nearly 150 pct this year so far, up to Friday's close ($1 = 65.3200 Indian rupees)

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