Jhunjhunwala can’t take eyes off JP Associates, again raising bets

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Ace investor Rakesh Jhunjhunwala’s name again appeared among key individual shareholders in crisis-hit Jaiprakash Associates, latest shareholding data provided by the company showed on Monday.

Jhunjhunwala was holding 3 crore shares, or 1.23 per cent stake, in the company as of March 31, 2018.

Shares of Jaiprakash Associates were trading 1.81 per cent higher at Rs 19.70 at around 1.40 pm on Monday, whereas benchmark BSE Sensex was up 51 points, or 0.15 per cent, at 34,244.

In June 2017, Jhunjhunwala was holding 2.50 crore, or 1.03 per cent, stake in the company, but his name did not appear among key shareholders at the end of September 2017 and December 2017.

On a year-to-date basis, share price of the company has declined over 22 per cent to Rs 19.35 on April 13, 2018. The scrip was at Rs 25.10 on January 1, 2018.

Recently, the company deposited Rs 100 crore as per the direction of the Supreme Court in a case related to delay in delivery of flats by one of its subsidiaries, according to a PTI report.

On March 21, the apex court had asked the company to deposit Rs 200 crore in two instalments. The flagship company of the Jaypee group has now deposited a total of Rs 650 crore with the registry of the Supreme Court.

A bench headed by Chief Justice Deepak Misra had directed the company to deposit Rs 100 crore more by April 16 and the rest by May 10.

Source: Economic Times