Shares of Jaiprakash Associates on Wednesday tumbled over 9 per cent after the company said it has raised USD 150 million (about Rs 835 crore) to part finance its existing convertible bonds. After falling 10.14 per cent during the day,the scrip finally settled at Rs 63.95,down 9.23 per cent on the BSE. At the NSE,the stock ended 9.58 per cent lower at Rs 63.7.
In the process,the company’s market valued dipped Rs 1,382 crore to Rs 13,598 crore. Marketmen said the stock fell on debt concerns.
“The company has priced a deal size of USD 150 million,which has been fully subscribed…the proceeds of this FCCB (foreign currency convertible bond) issue will be utilised to part finance the repayment of the existing FCCBs of the company maturing on September 12,” the cement maker said in a filing to the BSE.
Jaiprakash had launched the convertible bonds issue yesterday to raise up to USD 200 million (Rs 1,113 crore).