Jaiprakash Associates delisting NSE, BSE: The shares of Jaiprakash Associates (JAL) have been delisted from the stock exchanges – BSE and NSE today, June 18, after one of the longest-running insolvency cases that concluded with Adani Group’s acquisition of the debt-ridden company’s assets.
“The company places on record its sincere appreciation for the support and cooperation extended by the exchange during the period of listing of the company’s securities,” it added in the regulatory filing.
As per the approved resolution plan, the existing shareholders of Jaiprakash Associates are set to receive zero consideration for their shares as the existing shareholding structure of the company will be completely wiped out.
“In the assessment of the Successful Resolution Applicant, the liquidation value is insufficient to even satisfy the claims of secured creditors in full, therefore, NIL consideration is being offered to the shareholders of the Corporate Debtor as part of the delisting process under the Approved Resolution Plan, and the exit price for the existing shareholders is therefore NIL,” said Jaiprakash Associates earlier in an exchange in March.
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