Jaiprakash Associates gets shareholder nod to raise Rs 20 billion

Shareholders of Jaiprakash Associates have approved the proposal to raise up to Rs 20 billion through the sale of securities via routes like qualified institutional placement. The special resolution was approved by the shareholders at the company’s annual general meeting held on September 23, 2017. The amount will be used for capital expenditure, debt reduction, general corporate purposes and for raising working capital for its real estate business and other businesses.