Shares of Jaiprakash Associates hit 3-week high on debt restructuring. The stock rose as much as 2.8 per cent in early trade, hits highest since September 18.
The company had on Saturday approved transfer of certain assets and liabilities, including debt worth over Rs 11,834 crore ($1.81 billion), to its unit Jaypee Infrastructure Development.
The move forms part of efforts to cut the company's overall debt. The demerger scheme does not include any cash consideration, says Jaiprakash Associates.
The stock has gained nearly 150 per cent this year so far, up to Friday's close.