New Delhi, Nov 14 (IANS): With a view to give thrust to the ongoing efforts to reduce its debt, Jaiprakash Associates, alongwith Trusts holding 18.93 crore equity shares of the company have entered into a Settlement Agreement with ICICI Bank (Lender) to transfer the said shares to Lender.

“The value/consideration of the said shares shall be arrived on the basis of the closing price at National Stock Exchange of India Limited on the day prior to the day of actual transfer of shares to the demat account of the Lender," the company said.

The company had earlier said that the total borrowing (including interest) of the company is Rs.29,272 crore, repayable by 2037, against which only Rs.4,258 crore is overdue as on 31.10.2023.

Out of the said borrowing of Rs.29,272 crore, Rs.18,682 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the Scheme of Arrangement duly approved by all the stakeholders, is pending sanction of NCLT. The entire loan is in any case under restructuring. 2.

As a responsible borrower, the company has been taking tangible steps to reduce the borrowings.

Post the proposed divestment of Cement Business and the restructuring under consideration, the borrowing will get almost to Nil upon implementation of revised restructuring plan.