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Infrastructure company IVRCL Ltd on Tuesday said shareholders have right to make an entry and exit when they like and the company management will do what is best for it.
Refraining to comment on the Essel Group’s entry and exit into IVRCL as a shareholder, the Chairman and Managing Director of IVRCL, E. Sudhir Reddy, said that the focus of the company management has been on ensuring returns to shareholders and strengthening the balance sheet.
“In today’s business environment, having asset and debt is not received well. The market conditions are tough in spite of the Government’s efforts to lay special thrust on infrastructure segment,” he explained.
Closer scrutiny needed
The Public Private Partnership projects will need a closer scrutiny by the Centre to ensure their success and swift implementation, he told Business Line .
The company shares gained about five per cent initially in the morning trade only to shed some of the gains and close the day’s trade quoting at Rs 46.60.
Meanwhile, Asian Satellite Broadcast and Jay Properties have informed the BSE that they have brought down their stake further down from 2.67 per cent to below one per cent at 0.98 per cent by sale of 1.69 per cent stake. The sale was in the open market.
The Essel Group has been selling its stake in IVRCL. In the past five-six days, the Group, which had acquired more than 12 per cent stake in IVRCL about six months ago, has brought its stake down to below one per cent.
IVRCL has recently indicated that it plans to focus on EPC work and stay away from build, operate and transfer (BOT) assets till the regulatory environment and the economic conditions get better.
rishikumar.vundi@thehindu.co.in
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