Jaiprakash Associates delisting: Firm receives exchange approval to delist equity shares; what investors should know

Adani Group-owned Jaiprakash Associates (JAL) has received the final approval from the Indian stock exchanges (BSE and NSE) for the delisting of its equity shares from the indices, after the National Company Law Tribunal’s (NCLT) approval, as per an exchange filing on Monday, June 15.

Shares of Jaiprakash Associates are set to be delisted from both the NSE and the BSE, effective from Thursday, June 18, 2026, after a long insolvency case followed by Adani Group’s acquisition of the company.

“Accordingly, the equity shares of the Company shall stand delisted from the BSE Limited and National Stock Exchange of India Limited with effect from June 18, 2026,” the company informed the stock exchanges.

Earlier, in an order dated March 17, the National Company Law Tribunal’s Allahabad Bench, Prayagraj, approved the resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016.

“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,” said JAL in its official statement.

Adani Group finally acquired the real estate firm by securing the winning bid for Jaiprakash Associates last month after an NCLAT bench rejected a bidding challenge by billionaire Anil Agarwal-led Vedanta Ltd.

The tribunal also said that the Committee of Creditors (CoC) were right in preferring Adani Group's Rs 14,535-crore bid over Vedanta's resolution plan for Jaiprakash Associates, according to a PTI report.

JAL is a real estate company which is involved in diversified business, including construction, real estate, power and hotels. The company is a subsidiary of the Jaypee Group, and also owns a Formula One circuit, namely the Buddh International Circuit (BIC) in Greater Noida.

What will happen to investors holding JAL shares?

According to NSE data as of March 31, 2026, Jaiprakash Associates had a 28.77% shareholding held by promoter and promoter group entities, while 71.23% stake was held by the public shareholders.

The exchange data further showed that the company had a total outstanding shares of 245,45,95,640 or more than 245 crore as of the fourth quarter of the year ended 2025-26.

According to an ET report citing the resolution plan of JAL, the existing shareholders are set to receive zero consideration for their shares as the existing shareholding structure of the company will be completely wiped out.

Since the resolution plan, the shares of the company have been suspended from trading on the exchanges.

In case of a delisting, as a shareholder, investors will not be able to sell those shares on the stock exchanges, but they are allowed to sell the company’s stock in the over-the-counter market. This ideally means that the remaining shareholders will have to find a buyer of the stock on their own.