Jaiprakash Associates Formally Delisted from NSE and BSE on June 18, 2026, Completing Adani Group Takeover
Jaiprakash Associates Delisting Completes Following Adani Takeover
Jaiprakash Associates Limited has been delisted from BSE Limited and National Stock Exchange of India Limited effective June 18, 2026. The delisting follows the final approval received from both exchanges and is pursuant to the resolution plan approved by the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench, under the Insolvency and Bankruptcy Code, 2016.
The NCLT-Approved Resolution
JP Associates had last traded on March 17, the day resolution plan for the company was approved by the Hon'ble National Company Law Tribunal, Allahabad Bench. The NCLAT held that the Committee of Creditors (CoC) were right in preferring Adani Group's Rs 14,535-crore bid over Vedanta's resolution plan for JAL.
The company had on June 15 received the final approval from stock exchanges for delisting of its equity shares. The National Stock Exchange of India Limited issued a circular (Ref. No: 2026/0939) on June 11, 2026, notifying the withdrawal of admission to dealings in the securities of Jaiprakash Associates Limited.
Impact on Shareholders
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. 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.
This means approximately 6.48 lakh shareholders, including 6.4 lakh retail investors who collectively held about 45% of the company's equity as of March 31, 2026, will lose the entire value of their investment in JAL. Under the IBC framework, when liabilities exceed assets, equity shareholders are last in the priority order and may receive nothing if the resolution value does not cover all creditors first.
Assets Acquired by Adani Enterprises
Through the Rs 14,535 crore resolution plan for Jaiprakash Associates, Adani Enterprises acquired the company's key assets including Jaypee Greens (the integrated township and sports complex in Noida and Greater Noida), Jaypee International Sports City, real estate projects, power assets, and hotel properties. Jaypee Greens is one of the largest real estate developments in the National Capital Region, encompassing residential plots, apartments, a golf course, sports infrastructure, and commercial zones.
Timeline of the Acquisition Process
JAL had been admitted to insolvency in June 2024 after defaulting on loans exceeding ₹57,000 crore, the result of aggressive expansion and mounting debt dating back to the 2008 financial crisis. The resolution plan submitted by the company was approved by the Committee of Creditors with a voting share of 93.81 per cent on November 18, 2025. On March 17, the National Company Law Tribunal (NCLT), Allahabad bench, approved Adani Enterprises Ltd's Rs 14,535 crore bid, through the insolvency process.
About Adani Enterprises' Real Estate Presence
Adani Realty is the real estate arm of one of India's leading infrastructure and development entities – Adani Group. Approximately 144 Mn. Sq. Ft. of real estate space is under development, including residential, commercial, and social club projects across Ahmedabad, Mumbai, Pune, and Gurugram. Adani Realty's residential properties cover four major cities, including Ahmedabad, Gurugram, Mumbai and Pune.