Jaiprakash denies stake sale report

Jaiprakash denies stake sale report

Mumbai: Engineering and construction firm Jaiprakash Associates Ltd has not submitted a proposal to dilute up to 26% of its cement business to its restructuring committee, a statement said on Wednesday, denying an earlier media report.

Shares in Jaiprakash closed up 7.6% at 71.35 ($1.55) against a rise of 1.2% in the BSE benchmark index Sensex after the Business Standard newspaper, citing sources, said that the company was in talks to sell the stake.

The report named Mexico’s Cemex and South America’s Votorantim Group among the possible candidates.

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