Shares of Jaiprakash Associates (JAL) have been delisted from the BSE and NSE today, as one of the longest-running insolvency cases that ended with Adani Group’s acquisition of the debt-ridden company’s assets concludes.
In an exchange filing released on Monday, Jaiprakash Associates said that it received final approval from the BSE and NSE for the delisting of its shares. “The company places on record its sincere appreciation for the support and cooperation extended by the exchange during the period of listing of the company's securities,” it added.
What happens to JAL shareholders?
As of March 31, 2026, around 6.48 lakh shareholders held stake in JAL, with around 6.4 lakh retail shareholders owning a 45% stake in the company. ICICI Bank held a nearly 8% stake in the company.
The existing shareholders of Jaiprakash Associates are set to receive zero consideration for their shares as the existing shareholding structure of the company will be completely wiped out, as per the approved resolution plan. The company’s market capitalisation stood at around Rs 592 crore.
"In the assessment of the Successful Resolution Applicant, the liquidation value is insufficient to even satisfy the claims of secured creditors in full, therefore, NIL consideration is being offered to the shareholders of the Corporate Debtor as part of the delisting process under the Approved Resolution Plan, and the exit price for the existing shareholders is therefore NIL," Jaiprakash Associates had said in an exchange filing in March.
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The shares of the company are currently temporarily suspended from trading. From June 18 onwards, the stock will be delisted from the stock exchanges.
JAL insolvency proceedings
The long insolvency proceedings involving Jaiprakash Associates began after the company formally entered the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal (NCLT) approved Adani Enterprises' Rs 14,535 crore resolution plan for JAL, whose assets include major real estate projects such as Jaypee Greens and Jaypee International Sports City, on March 17 this year.
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The Adani Group in May, paid around Rs 6,000 crore to lenders of debt-ridden Jaiprakash Associates as the first tranche of its Rs 14,535 crore resolution plan, marking a key milestone in one of the longest-running insolvency cases. "This was a big day for lenders because they will receive a large amount after such a long delay," a person aware of the development told The Economic Times.
Adani Power, meanwhile, signed definitive agreements with JAL to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) for around Rs 2,994 crore, along with the 180 MW Churk thermal power plant in Uttar Pradesh for Rs 1,200 crore under the NCLT-approved resolution plan for JAL.
Also read: Dalmia Bharat seals Rs 2,850 crore deal for JAL cement assets after Adani insolvency takeover
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