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Norges Bank, the central bank of Norway, has managed to gradually up its stake in the Hyderabad-based infrastructure and construction company, IVRCL Ltd, in the past few months, with most of the shares being accumulated through open market transactions.
Its stake in the company has now gone up to over 9 per cent up from about 5 per cent in December 2010, according to filings made to the stock exchanges.
The latest disclosure made to the exchanges reveals that Norges Bank has acquired 9,53,943 shares, amounting to about 0.36 per cent of the company's equity during the last week of March. The shares were picked up through market purchase. With this the total holding of Norges Bank has gone up to 9.19 per cent.
According to the company, the shareholding pattern in IVRCL as of December 2010 was as follows: the promoters, 9.52 per cent; FIIs, 57.22 per cent; DIIs, 5.2 per cent; and others, 28 per cent.
In the past few transactions, Mr E. Sudhir Reddy, Chairman and Managing Director of IVRCL, had informed that he had picked up shares through market transactions and increased his stake to about 4 per cent of the company's total equity.
The company's share closed at Rs 86.15 on the BSE, up 3.42 per cent over the previous close of Rs 83.30.
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