NBCC set to revise bid for Jaypee Infratech

NBCC is set to submit a revised bid by April 25 for the acquisition of debt-ridden Jaypee Infratech. Jaypee Infratech lenders asked NBCC to submit their plan by April 25.

NBCC and Suraksha Group are the frontrunners to acquire Jaypee Infratech. Jaypee group companies have submitted over Rs. 10,000 crore offer to settle lenders debt and complete the project but this is not being considered.

In the previous meeting, the committee of creditors (CoC) had asked both NBCC and Suraksha Group to increase their offer. NBCC had suggested that it was ready to work as a project management consultant and charge fees for completing the stalled projects. In its earlier resolution plan, NBCC offered 1400 acre land worth Rs. 6,000 crore as well as Yamuna Expressway to lenders. NBCC had earlier proposed that the banks raise Rs. 2,000 crore against the expressway and provide half the amount to NBCC, which would utilize the funds as an upfront payment.

Jaypee Infratech has Rs. 9,800 crore debt outstanding on its books. Jaypee Infratech is developing about 32,000 flats of which it has delivered 9,500 units.

On Wednesday, NBCC was trading at Rs. 62.4 per share, down 0.56 per cent on the BSE.