Infrastructure major Jaiprakash Associates today said it has deferred its decision to sell over 2.78 crore shares of the group firm, Jaypee Infratech, through auction route on Thursday due to unusual fall in the share price.
"In view of today's unusual fall in the share price of Jaypee Infratech, post announcement of OFS, Jaiprakash Associates has decided to defer the said Offer For Sale," the company said in a filing to the Bombay Stock Exchange.
At yesterday's closing price of Rs 53.15 of Jaypee Infratech on the BSE, Jaiprakash Associates would have raised up to Rs 148 crore on full subscription of the offer.
However, the shares of Jaypee Infratech closed at Rs 48.55 a piece on BSE today registering a sharp fall of 8.65 per cent from the previous close.
The statement said it has withdrawn the notice dated January 22 given by the promoter Jaiprakash Associates for OFS of equity shares of Jaypee Infratech.
Yesterday it had said it "proposes to sell an aggregate of 2,78,64,584 equity shares of face value of Rs 10 each of Jaypee Infratech Ltd on January 24, 2013...through a sale on the separate window provided by the stock exchanges for this purpose...," the company said in a filing to the BSE.
JP Associates has also kept the option of selling up to 70,619,430 additional shares of Jaypee Infratech, it had added.