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| Exchange Received Time 31/05/2018 08:59:30 Exchange Disseminated Time 31/05/2018 08:59:38 Time Taken 00:00:08 | As per Reg.30 of the SEBI(LODR)Reg.,2015, we informed vide letter dtd May31,2017 that Company had signed following definitive agreements:
(1)share purchase agreement(SPA) entered into between the Company and Jaiprakash Associates Limited (JAL), for acquisition by the Company of74% equity shares of Bhilai Jaypee Cement Limited from JAL; and
(2)business transfer agreement(BTA) entered into between Company, Jaiprakash Power Ventures Limited (JPVL) and JAL, for acquisition by Company of Nigrie Cement Grinding Unit, as going concern from JPVL.
Each of the SPA and the BTA were executed on May31,2017.
Under provisions of the SPA and the BTA, either party is entitled to terminate the agreement if the closing does not take place within expiry of12 months from date of execution of the SPA and the BTA. Since the closing has not been achieved within said period of12 months the Company has terminated the SPA and the BTA with notice to other parties.Therefore, the SPA and the BTA stand terminated. |
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