MUMBAI, Jan 23 (Reuters) - Indian infrastructure company
Jaypee Infratech's parent will sell up to 98.5 million
shares on Thursday to raise up to $94 million to meet the market
regulator's guidelines on minimum public shareholding.
Jaiprakash Associates Ltd, which owns about 83
percent of Jaypee Infratech, will sell 27.9 million shares to
institutional investors with an option to increase it by another
70.6 million, the company said in a statement late on Tuesday.
Jaypee Infratech, which builds roads and homes primarily in
the north Indian state of Uttar Pradesh, plans to announce the
floor price for the share auction after market hours on
Wednesday, it said.
The Securities and Exchange Board of India has directed
listed companies to ensure that at least 25 percent of their
shares are publicly traded by June end.
Jaypee Infratech shares were down 4.1 percent at 51 rupees
JPMorgan is the banker to the deal.
(Reporting by Aditi Shah; Editing by G.Ram Mohan)