Jaypee Infratech To Delist After Takeover, Appoints New CFO
The realtor appointed Devang Pravin Patel as the new Chief Financial Officer, with effect from June 8.
Jaypee Infratech Ltd. will be delisting its equity shares after being acquired by Suraksha Realty Ltd. The realtor also appointed Devang Pravin Patel as the new Chief Financial Officer, effective June 8.
Patel has been appointed after due approval from the board of directors.
"The board of directors of the company has fixed June 21, 2024, as the record date for determining the names of the shareholders to whom the exit price will be paid for the purpose of delisting and subsequent extinguishment of issued equity shares of the company," it said in an exchange filing.
It will also be allocating 12.5 crore fresh shares worth Rs 10 each in cash to nominees of a special purpose vehicle on a private placement basis.
The National Company Law Tribunal approved Suraksha Realty's bid to acquire the insolvent construction firm on March 7, 2023, aiming to construct the 20,000 houses in Noida and Greater Noida that JIL was unable to undertake.
Some of these houses were booked more than a decade ago, and many buyers have yet to see them.
The Suraksha Group was also directed by the NCLT to pay Rs 1,334.31 crore to the Yamuna Industrial Development Authority as it had filed claims with JIL with a value of up to Rs 6 crore for unexecuted external development works, pending works, and external development charges.
This did not include the Rs 1,689 crore that YIEDA sought as compensation for the 10,000 farmers who were displaced.
Suraksha Realty Ltd. was directed to pay YEIDA Rs 1,334.31 crore, representing 79% of the claimed amount. It was also asked to pay Rs 1,216 crore as additional farmers' compensation by April 18, 2024.
