Jai Corp Shares: Company’s shares crashed as soon as the market opened, 20% lower circuit, know the reason – INA NEWS
Jai Corp Shares: Shares of Jai Corp Limited fell heavily on Thursday, January 2. The share price fell by 20 percent in one fell swoop and reached the lower circuit. The fall came after the news that the company has proposed a capital reduction in Urban Infrastructure Holdings Pvt Ltd (UIHPL) and called an extraordinary general meeting (EGM) of shareholders for this. Jai Corp holds about 32 percent stake in UIHPL. The company said in the information sent to the stock exchanges that it will reduce capital in UIHPL after getting approval from shareholders, NCLT and other regulatory agencies. If this capital reduction is approved, the company will get Rs 364 crore.
Jai Corp is going to do this capital reduction at a time when recently UIHPL’s subsidiary, Dronagiri Infrastructure Private Limited (DIPL) has sold its entire stake of about 74 per cent in Navi Mumbai IIA Private Limited for Rs 1,628.03 crore. CIDCO has retained the remaining 26 percent stake in this company.
The shares of Jai Corp have been continuously falling for some time. Earlier on Wednesday the stock had fallen by 5.20 percent and on Tuesday by 2.46 percent. Jai Corp said that capital reduction has been proposed due to DIPL having excess funds. After this deduction, UIHPL will get ₹1,492.50 crore from DIPL. This amount may also increase depending on the calculation of interest. Additionally, UIHPL has already received back the contribution of ₹1,597 crore made by DIPL as promoter.
What does Jai Corp Limited do?
This is an Indian company. Information released on the company’s website states that it does business in various sectors like steel, plastic, real estate, and infrastructure. Its current market cap is around Rs 4,360 crore.
Around 3 pm, shares of Jai Corp were trading 20 per cent lower at Rs 248.40 on the NSE. The company’s shares have fallen by about 33 percent in the last one month.
Jai Corp Shares: Company’s shares crashed as soon as the market opened, 20% lower circuit, know the reason
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