ICICI Bank recovers Rs 366 crore from troubled builder JP Associates
In a bid to reduce its debt burden, troubled builder Jaiprakash Associates has entered into an agreement with ICICI Bank to transfer 18.9 crore shares to the lender, which were pledged with the bank. This will result in the recovery of around Rs 366 crore for the bank, considering the last closing price of its shares.
“…with a view to give thrust to the ongoing efforts of the Company to reduce its debt, the Company, along with Trusts holding 18,93,16,992 Equity shares of the Company, have entered into a Settlement Agreement with ICICI Bank (Lender) to transfer the said shares to Lender,” JP said in a filing to the exchanges.
“The value/consideration of the said shares shall be arrived at based on the closing price at the National Stock Exchange of India Limited on the...