Jai Corp shares crashed by over 20 per cent in the intraday trade on Thursday, January 2025. This major development at Dalal Strete came to pass after the manufacturing company sold a major industrial land parcel to Mukesh Ambani’s Reliance Industries.
Jai Corp Shares Sink
The company sold this 5,286-acre land parcel for an amount of Rs 2,200 crore.
This came to pass after Urban Infrastructure Holdings Private Limited, which holds a major stake in the company, convened a meeting to induce capital reduction.
In an exchange filing dated January 1, the company said, “The Company hereby informs that it has received a notice (“Notice”) from Urban Infrastructure Holdings Private Limited (“UIHPL”), in which the Company owns 32 per cent equity stake, for convening an extraordinary general meeting of UIHPL to approve the capital reduction proposed to be undertaken by UIHPL. The proposed capital reduction is subject to approval by the shareholders of UIHPL, the NCLT and requisite regulatory approvals, if any. Upon sanction of such capital reduction, the Company will receive Rs 364 Crore approx. upon sanction of such capital.”
It needs to be noted, that the company this land parcel’s potential for appreciation outweighs the purchase price.
Share Of Jai Corp
As a result of this the company shares plummeted on Thursday. The shares of the company nosedived 19.99 per cent or Rs 62.05, hitting the lower circuit.
Urban Infrastructure Holdings sold its 74 per cent ownership in Navi Mumbai IIA Pvt. for Rs 1,628.03 crore, valuing the company at Rs 2,200 crore to Reliance Industries Ltd.
RIL Acquires Stake In NMIIA
Previously, Reliance Industries had acquired a 74 per cent stake in Navi Mumbai IIA for Rs 1,628 crore in December 2024.
The Navi Mumbai Integrated Industrial Areas, or NMIIA, was established on June 15, 2004 and is involved in the development of Integrated Industrial Areas (IIA) in Maharashtra.
The Government of Maharashtra has appointed it as a Special Planning Authority under Section 40(1B) of the Maharashtra Regional and Town Planning Act, 1966, in order to develop the IIA.
Meanwhile, the shares of Reliance Industries rose on Thursday. The company shares increased by 1.51 per cent or Rs 18.50, taking the overall value of the company shares to Rs 1,239.75.
