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IVRCL Ltd has completed the merger process with IVRCL Assets & Holdings Ltd and has roped in a partner for one of its road projects.
It is also set to close transactions for three more road projects in the South, according to R. Balarami Reddy, Executive Director, Finance, IVRCL.
He told Business Line that IVRCL is likely to make a profit of Rs 170 crore from the concluded transaction.
The other transactions will also be finalised in three to four weeks.
The company had extended the financial year to complete the merger and demerger process of IVRCL group companies. Details of the financials are yet to be known. The shares of IVRCL Ltd were down 4.09 per cent at Rs 38.70 during the day’s trade at the BSE. This was before the board meeting concluded. The Hyderabad-based infrastructure company has said it allotted shares in accordance with the Share Exchange Ratio of the Composite Scheme of Arrangement sanctioned by the High Court of Andhra Pradesh.
The company has allotted 3.98 crore fully paid-up equity shares of Rs 2 each to the shareholders of IVRCL Assets & Holdings Ltd.
With the allotment of shares following the merger scheme, the equity shares held by IVRCL in IVRCL Assets & Holdings Ltd stand cancelled. IVRCL had about 75 per cent stake in the latter, its subsidiary.
Following the merger of IVRCL Assets & Holdings Ltd with IVRCL, pursuant to the above Court-approved scheme, the paid-up capital of IVRCL has increased by Rs 7.97 crore to Rs 61.37 crore.
rishikumar.vundi@thehindu.co.in
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