JAIPRAKASH ASSOCIATES AUCTION
Jaiprakash Associates bid: Vedanta offers Rs 4,000 cr upfront payment, rest over 5-6 years
Vedanta Ltd has emerged as the highest bidder for debt-ridden Jaiprakash Associates Ltd (JAIL), offering a net present value of Rs 12,505 crore. The payment will be staggered, with Rs 4,000 crore paid post-NCLT approval and the balance over 5-6 years. This acquisition complements Vedanta's existing businesses and leverages JAL's assets in power, real estate, and mining.
Vedanta to pour Rs 17,000 cr into Jaiprakash Associates, beats Adani bid
Vedanta won the bid for Jaiprakash Associates with a ₹17,000-crore offer. It outbid Adani Enterprises in the insolvency battle. The deal involves major cement facilities. Only Vedanta and Adani submitted binding offers. Other suitors like Jindal Power and Dalmia Bharat did not participate. The Committee of Creditors will review Vedanta's winning bid. The resolution process for Jaiprakash Associates faced delays.
Race for investment in JP Power ahead of parent auction today
Adani Power, Kotak Alternate Assets, Vedanta, and Oaktree are vying for JP Power's ₹3,800 crore CCPS, potentially gaining a 25% stake and triggering an open offer for a controlling share. This move could give the winning bidder an edge in acquiring parent company Jaiprakash Associates, which is up for auction with a base price of ₹12,000 crore.
Lenders of bankrupt Jaiprakash Associates to meet Friday; challenge process among 5 bidders likely
Lenders of Jaiprakash Associates Ltd (JAL), currently undergoing insolvency proceedings, will convene on Friday to discuss the 'challenge process' among five bidders, including Adani Group and Dalmia Bharat, aiming to maximize asset value. This process, with a minimum bid of Rs 12,000 crore, seeks the highest financial proposal.
Lenders stuck as Adani's unconditional bid for JP Associates faces higher, conditional offers
Lenders of debt-laden JP Associates are facing a dilemma over Adani Enterprises’ ₹12,600 crore unconditional bid, which is not the highest but offers clarity and assurance. Other bidders like Dalmia Cement, Jindal Power, and Vedanta have submitted higher but conditional offers, primarily tied to unresolved land disputes. Under IBC, lenders can accept an unconditional bid even if it's not the highest.
Biggest play: NARCL offers ₹10,000 crore for JP Associates' loans
In the case of JAL, State Bank of India has the largest debt hold at 26%, followed by ICICI Bank at 19% and IDBI Bank at 11%. The company has total principal outstanding debt of ₹17,700 crore as of March 2023. This includes ₹650 crore that Ares SSG Capital-backed Asset Care & Reconstruction Enterprises (ACRE) acquired from Yes Bank and Karnataka Bank. The people said NARCL's ₹10,000 crore offer excludes the debt held by ARCE.
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Ultratech calls off deal with Jaiprakash Associates to acquire Rs 5,400 crore worth plants
Ultratech Cement today said it has called off a deal with Jaiprakash Associates to acquire its two plants in Madhya Pradesh for an enterprise value of Rs 5,400 crore.
Previous allottees of mines asked to give claims by March 26
The government has asked previous allottees of 33 coal blocks that went under the hammer to submit any claims, if any, in respect of the mines before March 26.
Adani Power, Usha Martin bag mines in second leg of coal auction
The mines were for the non-power sector. Usha Martin beat BALCO, Sesa Sterlite and Easternrange Coal Mining Pvt Ltd to bag Brinda,
Phase 2 of coal block auction likely to start with aggressive bids
Jindal Steel, Adani Power, Jaiprakash and Adhunik Power will compete for a small mine, foregoing more than 85% of the actual mining cost.
JSPL, Hindalco, GMR among companies qualified to bid for coal blocks
Utkal-C coal block has the maximum 16 technically qualified bidders, while auction of five blocks is being anulled as they received just two bids each.
Budget 2015: Coal auction to bring revenue windfall for states, says FM Jaitley
The process would bring several lakhs of crores of rupees to the kitty of coal-bearing states, Arun Jaitley today said in his Budget speech.
Second round of coal block auction to be held on March 4
Coal Secretary Anil Swarup tweeted, "Announcement of qualified bidders for Schedule 3 Coal Blocks on March 2. Auctions (of schedule III mines) to be held from March 4-8."
Sesa Sterlite shares end higher as Balco bags 2 coal mines
The scrip ended the day with a gain of 0.94 per cent at Rs 219.45 on the BSE. During the day, it rose by 3.24 per cent to Rs 224.45.
Hindalco shares pare early gains; down over 1% at close
The stock ended with a loss of 1.02 per cent at Rs 154.80 on the BSE. During the day, it had gained 3.38 per cent to Rs 161.70.
Budget Session: Auction of coal mines to lower power tariff, says President Pranab Mukherjee
The government has already sold 19 coal blocks in the first phase of coal auctions. The coal auctions will fetch the states over Rs 1 lakh crore.
Sesa Sterlite shares up 3% as Balco bags 2 coal mines
On the NSE, the stock climbed 2.94 per cent to Rs 223.70. The scrip was the biggest gainer among the blue-chips on both Sensex and Nifty.
Hindalco shares surge over 3% as company bags maximum mines
On the NSE, it gained 3.35 per cent to Rs 161.80. In terms of volume, 2.56 lakh shares of the company changed hands at the BSE.
Monnet Ispat & Energy wins coal block in Chattisgarh
Monnet Ispat & Energy today bagged one coal block in Chhattisgarh on the last day of the auction, bringing down the curtains on the first phase of coal auctions that will fetch the states over Rs 1 lakh crore.
Balco bags one more coal block in Chhattisgarh
The remaining one -- Gare Palma IV-7 mine in Chhattisgarh -- is the most sought after block as 12 bids have technically qualified for this non-power sector mine.
Auction: Hindalco, UltraTech, Jindal bag coal mines on 6th day
Hindalco and UltraTech bagged one mine each while Jindal Power won two blocks on the sixth day of the ongoing auction today, taking total number of mines sold to 16 so far.
Government expects sale proceeds of 204 coal blocks to surpass the earlier estimates of Rs 7 lakh crore
On day five of auction, Essar Power won the Tokisud North block while agreeing to forego mining cost and paying the host state Rs 1,110 per tonne.
Sale of 11 coal mines makes states richer by Rs 60,000 crore
States, including Chhattisgarh, Jharkhand and West Bengal, are set to get nearly Rs 60,000 crore from 11 coal blocks sold in the ongoing auction, a top official said today.
Balco, Jaiprakash Power Ventures and OCL Iron & Steel bag one mine each
Balco beat Godawari Power & Ispat Ltd, Hindalco Industries, Prakash Industries, Rungta Mines and Ultratech Cement for the mine in Chhattisgarh.
Jaiprakash Power Ventures win Amelia North coal mine
Jaiprakash Power Ventures today bagged the Amelia (North) mine in Madhya Pradesh quoting Rs 712 per tonne, the highest among 11 firms including Adani Power, BALCO and Essar Power.
Jaiprakash, Durgapur Projects, BS Ispat win one coal mine each
Coal Minister Piyush Goyal said more aggressive bids are expected for such producing mines in the coming days.
Companies can’t exit projects after allocation of coal blocks
Industry insiders said presently over 10,000-mw of coalbased power generation capacity do not have PPAs, making them ineligible for supply.
Jaypee Infratech OFS deferred due to stock price fall
Jaiprakash Associates today said it has deferred its decision to sell over 2.78 crore shares of the group firm, Jaypee Infratech, through auction route on Thursday due to unusual fall in the share price.
JP Associates to sell 2.78 cr shares of Jaypee Infratech
Infrastructure major Jaiprakash Associates today said it will sell over 2.78 crore shares of the group firm, Jaypee Infratech, through auction route on Thursday.
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