SBICAP Trustee Company Ltd has invoked 10 crore pledged shares of debt-ridden Jaypee Infratech, respresenting 7.2 per cent stake in the company.
According to a regulatory filing on the BSE, SBICAP Trustee Company yesterday invoked these pledged shares.
Crisis-hit Jaypee group's flagship firm Jaiprakash Associates is the promoter company of Jaypee Infratech and holds 71.64 per cent stake in the company.
Of the total shares held by promoter, 93.30 per cent were pledged, as per the shareholding pattern of September 30, 2017. Jaypee Infratech's total market cap stood at Rs 1,993.12 crore at the current market price.
Jaypee group is facing huge protest from home buyers due to significant delays in delivery of real estate projects. It is developing more than 30,000 flats in Noida, most of which are incomplete.
Jaypee Infratech has been taken over by a National Company Law Tribunal (NCLT)-appointed Insolvency Resolution Professional (IRP) for recovery of bad loans.
A few months ago, the NCLT had admitted the application by an IDBI Bank-led consortium seeking resolution for JIL under the Insolvency and Bankruptcy Code.
Moving ahead with the process, IRP Anuj Jain had on October 27 issued a public notice seeking applications from entities with regard to resolution of JIL. Several players have submitted EOIs. The resolution plan needs to be approved by the creditors and the NCLT.
Jaypee Infratech, which is into road construction and real estate business, has constructed the Yamuna Expressway, connecting Delhi and Agra.