Jaiprakash Associates approves debt restructuring

Jaiprakash Associates’ board has approved the transfer of certain assets and liabilities, including debt of over Rs 118.34 billion, to its subsidiary, Jaypee Infrastructure Development Limited, as a part of its efforts to cut the overall borrowing of the company. The transferee company will allot 0.1 million equity shares of Rs 10 each at par to the transferor company.