JP Associates touches 52-week high on Tuesday as lenders agree to debt restructuring.

The lenders to Jaiprakash Associates Ltd have agreed upon a debt structuring plan for the company. The plan pertains to debt amounting to Rs 30,000 crore.

The company's total debt as on March 21, 2017 stands at Rs 30188.84 crore. After selling off a significant portion of its cement business to Ultratech Cement Ltd., a debt amount of about Rs 10,000 crore would be off the company's balance sheet.

For an amount of nearly Rs 13,000 crore, the banks have agreed to accept land in lieu of the debt as per RBI guidelines, which can be subjected to a long term repayment schedule through sale of the properties in the next seven to eight years.

The remaining portion of the debt (about Rs 6,000 crore) is estimated to continue in the books of the remaining sustainable business of the company.

On account of this positive development, the JP Associates stock surged to a 52-week high at Rs 22.53 on June 27, 2017 and was currently trading at Rs 20.76 intra-day.