Jaypee Infra jumps over 9% on CoC nod for NBCC bid

Shares of Jaypee Infratech on Wednesday zoomed over 9 per cent after its Committee of Creditors (CoC) approved NBCC's bid to acquire the company under insolvency process.

Jaypee Infratech's financial creditors, including lenders and homebuyers, approved the bid of state-owned NBCC to acquire the debt-laden realty firm under insolvency process, according to sources.

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.

The shares of the company closed 9.88 per cent higher at Rs 1.78 on BSE.