Disclosure
Awaiting price reaction for this filing.
Jaiprakash Associates Limited has provided updates on the implementation of its NCLT-approved resolution plan submitted by Adani Enterprises Limited. The Monitoring Committee held its first closing meeting on May 21, 2026, where it recorded payments received in the Designated Fund Account for stakeholder payments. The committee approved allotment of approximately 249.42 crore unlisted non-convertible debentures (face value INR 100 each) to secured financial creditors, with 30-year tenure and 0.0001% p.a. interest. It also approved issuance of 5 crore equity shares (INR 2 each) to Adani Infra (India) Limited and nominees, increasing authorized share capital from INR 3,500 crore to INR 7,000 crore. Earlier, the company entered into definitive agreements on May 20, 2026, to sell power assets to Adani Power Limited and Jaypee Fertilizers stake to Adani Ports, totaling approximately INR 5,694 crore in consideration.
The resolution plan implementation marks significant progress for Jaiprakash Associates in exiting insolvency. With Adani Enterprises now taking control through equity infusion and asset transfers, this signals a major transformation of the company's ownership structure and business profile, which will be positive for creditors but changes the fundamental nature of the company for existing shareholders.