JP Associate Share Price shows Happy Signs

Today, Ultratech Cements

announced that fair trade
regulator
Competition
Commission of India has
approved the merger of the
company with Jaiprakash
Associates Ltd, the flagship
company of Jaypee Cement
Corporation Ltd. Ultratech
had announced in the month
of March that it would
acquire Jaypee Group's
cement plants in Madhya Pradesh, Uttar Pradesh, Uttarakhand, Himachal Pradesh and
Andhra Pradesh. These plants had a consolidated capacity of 21.20 million tonnes per annum
at an enterprise value of Rs 16,189 crore. JP Associate share price zoomed up by over 5% on
the news.
The JayPee group had said in its regulatory filing that CCI had informed the company that it
has approved the proposed combination under sub-section (1) of section 31 of the
Competition Act, 2012 by its letter dated August 8, 2016. However, the copy of the CCI order
is still awaited. In the meanwhile, JP Associate share price was trading at Rs.11.70.
The development is about the Ultratechs notification to the exchanges about the approval of
its Board of the Scheme of Arrangement between JCCL and the firm. The plan was for the
acquisition of the identified cement plant JCCL, subject to the requisite approvals. Last month,
while presenting its June quarter results, Ultratech had reported that the financing for the
Jaypee deal had been tied. Also, the application for the approval of the Fair trade regulator
CCI has also been filed. The company also then stated that it would approach the concerned
High Courts by August, and the transaction is expected to be completed in the next 9-10
months after getting all the regulatory and shareholders approval. Ultratech is the flagship
company of the Aditya Birla Group.
JP Associate share price has been trading near its closest support level of Rs. 10.80 while its
closest resistance stands at Rs. 11.75. For more details on JP Associates, refer to the JP
Associate share price history page of the Dynamic Levels.

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