The special resolution was approved by the shareholders at the company's annual general meeting held on September 23. Crisis-hit Jaiprakash Associates had sought shareholders nod to raise up to Rs 2,000 crore through issue of securities via routes like qualified institutional placement (QIP).
In a BSE filing, the company said the proposal was approved by the shareholders as over 85 per cent of votes were polled in favour.
The amount would be used for capital expenditure, reduction of debt, general corporate purposes and for raising working capital requirement for real estate business and other businesses, the company had said in a notice to shareholders.
Jaiparaksh Associates is a diversified infrastructure company and is engaged in segments as engineering, construction and real estate development, manufacture and marketing of cement, hospitality and sports management.
Further, steps are being taken to strengthen its marketing network, strategies for marketing itsate space," the notice said. Jaypee group firm Jaypee Infratech is facing facing huge protest from home buyers because of significant delays in delivery of projects and doubt over its financial health.
The NCLT-appointed interim resolution professional (IRP) has taken over the management of Jaypee Infratech.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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