JAIPRAKASH ASSOCIATES LTD. - Outcome of Board Meeting

Jaiprakash Associates Ltd has informed BSE that:<br/><br/>- The Board of Directors of Jaiprakash Associates Limited (JAL) on March 24, 2014 has approved signing of Share Purchase Agreement with M/s. Dalmia Cement (Bharat) Limited for sale of 74% stake (9,89,01,000 equity shares owned by it) in the paid-up equity share capital of Bokaro Jaypee Cement Limited (BoJCL) [a joint venture between JAL and Steel Authority of India Ltd (SAIL)] to M/s. Dalmia Cement (Bharat) Limited or any of its Associates / Affiliates. The above stake sale is subject to the approval of SAIL and such other approvals, as may be necessary from lenders of BoJCL and concerned authorities. The consideration for the transaction works out to approximately Rs. 69.74 per share (against its cost of Rs. 18.57 per share).