Stocks

IVRCL promoters up stake by over 1%

Our Bureau Hyderabad | Updated on October 30, 2012 Published on October 30, 2012




Promoters of IVRCL Ltd have increased their stake in the company from 11.21 per cent in the June quarter to 13.70 per cent in the September quarter.

According to latest filings made with the stock exchange about the shareholding pattern, the IVRCL promoters have increased their stake in the company marginally recently.

The Hyderabad-based company, which was in the news about six months ago when Essel group firms Asian Satellite Broadcasting and Jay Engineering had acquired stake in the company, taking it past that of the IVRCL promoters.

That was when there was the talk about the possibility of a tussle between Essel Group promoted by Subhash Chandra and the promoters of IVRCL led by E. Sudhir Reddy, its Chairman and Managing Director.

Consolidating biz

Since the recent developments, the IVRCL management is now focused on consolidating its business and divesting take in some of the matured build, operate and transfer (BOT) projects.

However, late in September and October, the Essel Group decided to exit the IVRCL stock stating that it no longer fits its interest as IVRCL promoters have decided to change their business strategy to focus on EPC contracts.

According to the shareholding pattern, the IVRCL promoters now hold close to 14 per cent, FIIs 23.44 per cent, DII 2.93 per cent, and others 59.93 per cent.

On Monday, the IVRCL shares closed at Rs 41.55 down 0.84 per cent, on the BSE.

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Published on October 30, 2012
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