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Jaypee group’s flagship company Jaiprakash Associates stated, that it has received approval from the shareholder’s,to raise up to Rs.2,000 crore from sale of securities via routes like qualified institutional placement(QIP).
The company in a BSE filing stated, that the proposal was approved by shareholders as above 85% votes were in favor of the proposal.
According to the company, the amount raised will be utilized for capital expenditure,reduction of debt,general corporate purposes and for working capital requirements for real estate business and other businesses.
