The share price of Jaypee Infratech rallied more than 9 percent on Wednesday after state-run NBCC's bid to acquire the company was approved by over 97 percent of the Committee of Creditors (CoC), as told by multiple sources to CNBC-TV18.

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Jaypee Infratech rallied 9.09 percent intraday to touch Rs 1.80 per share on the NSE.

The approval comes after the majority of the 23,000 homebuyers and banks voted in favour of NBCC over the other candidate Suraksha Realty.

People in the know of developments said that out of the 12,145 votes of homebuyers, 11,770 votes went in favour of the state-run construction major.

The IDBI Bank-led Committee of Creditors (CoC) had on December 7 decided to put to vote the offers of both NBCC (India) and Mumbai-based firm Suraksha Realty to acquire the bankrupt realty firm.

A successful resolution of the bankrupt company and completion of the stalled housing projects would bring long awaited relief to over 22,000 homebuyers across Noida, Mirzapur and Agra, who have waited for around 10 years to get their dream homes.

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