Comments
Essel Group has informed the stock exchanges that it has brought down its holding in IVRCL by selling additional 1.5 per cent stake in the company firm for Rs 20 crore.
The Hyderabad-based infrastructure company’s shares were sold through bulk deals.
The Essel Group, which forms part of Subhash Chandra group business, last week sold about 8.5 per cent in IVRCL.
Asian Satellite Broadcast, part of Essel, offloaded 45.50 lakh shares equivalent to 1.48 per cent stake of IVRCL, the BSE was informed.
The Essel Group, along with its firms Asian Satellite Broadcast and Jay Properties, held about 12.27 per cent stake in IVRCL, about a per cent more than what IVRCL core promoters held.
The Essel’s decision to sell stake in IVRCL comes after about six months of it actually picking up stake from the market with the intent to increase it further.
However, with the IVRCL management recently indicating that it plans to focus on EPC and stay away from build, own and operate (BOT) assets, Essel Group has decided to exit.
Both Essel Group and IVRCL now see this as a win-win situation.
While Essel feels it is better to stay away as IVRCL has changed its stand in terms of how it plans to go about its business, IVRCL management, on the other hand, feels the development will be beneficial to them as it removes any concerns that the lenders could have with two groups in the same company.
IVRCL scrip was up 1.45 per cent to close at Rs 45.45.
rishikumar.vundi@thehindu.co.in
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.