JP Associates speculating that their promoters are diluting the stake
Scotching speculation suggesting that its promoters are diluting stake which resulted in nearly 19 percent dip in its share prices, Jaiprakash Associates Ltd today said small share holding disposed of by a promoter company was to meet needs of funds including for social cause.
It is understood that rumours are being planted in the market by the persons with vested interests suggesting that the promoters are selling their share holding in the company. Such stories seem to have leaded to a sharp drop in the share price…, the company said in a filing to the BSE.
Shares of the company slumped 18.47 during late afternoon trade on the bourses after a promoter entity Jaypee Infra Ventures sold a large number of shares in the company earlier in the day in the bourses through open markets. It is clarified in the interest of stakeholders that one of the promoters holding 72.36 crore shares, constituting 29.75 percent of the company’s shares capital, has sold only 1.45 percent of such share holding and continues to hold 68.83 crore shares, constituting 28.30 percent of company’s share capital it said.
Source: The Financial Express
