NEW DELHI: ICICI Bank has forayed into Rs 1,150-crore equity-cum-debt deal with Jaypee Infratech, which is to build and operate the 165-km six lane Taj Expressway linking Noida with Agra. The bank has decided to buy 1% stake in Jaypee Infratech for Rs 250 crore, estimating the valuation of the company at Rs 25,000 crore. In addition, the bank will give Rs 900 crore as long-term loan to the company. In addition to ICICI Bank''s 1% shareholding, a Jaypee employee trust holds 1% in Jaypee Infratech. In addition, the company plans to shortly place another 3% equity with other investors. The parent company Jaiprakash Associates will hold the remaining 95% for the time being.
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