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UIHPL, in which Jai Corp holds a 32% stake, will convene an extraordinary general meeting (EGM) on January 2, 2025, to approve the proposed capital reduction. ' Dronagiri Infrastructure (DIPL), a subsidiary of UIHPL, sold its 74% stake in Navi Mumbai IIA for Rs 1,628.03 crore to Reliance Industries, valuing the company at Rs 2,200 crore. Media reports suggest the land parcel holds significant appreciation potential. Following the acquisition, Navi Mumbai IIA became a 74% subsidiary of the Mukesh Ambani-led conglomerate. ' Navi Mumbai IIA, incorporated in 2004, is engaged in developing an Integrated Industrial Area in Maharashtra. In 2018, the Maharashtra government approved its conversion from a Special Economic Zone (SEZ) to an IIA. ' As part of the capital reduction process, UIHPL is expected to receive a minimum of Rs 1,492.50 crore from DIPL, with the potential for further increases based on interest earnings from surplus funds. Additionally, UIHPL anticipates receiving Rs 682 crore from redeeming optionally fully convertible debentures in Vinamra Universal Traders, bringing the total expected funds to a minimum of Rs 3,772 crore. ' The proposed capital reduction is subject to approval from UIHPL shareholders, the National Company Law Tribunal (NCLT), and any other necessary regulatory approvals. ' Jai Corp has traditionally been into manufacturing businesses like steel, plastic processing and spinning yarn. Apart from expansion of its plastic processing business, it is now focusing and investing in emerging opportunities like developing infrastructure and real estate. On a consolidated basis, net profit of Jai Corp rose 47.59% to Rs 17.18 crore while net sales rose 14.84% to Rs 135.37 crore in Q2 September 2024 over Q2 September 2023. Powered by Capital Market - Live News |