Shares of IVRCL jumped nearly 4% touching the monthly high of Rs71.95, after the infrastructure company said that the Subhash Chandra-promoted Essel Group has acquired additional 2.08% stake in the
company through open market purchase, taking its holding to 12.27% from 10.19% earlier.
“Asian Satellite and Jay Properties, the two group investment vehicles of Essar Group have acquired additional 5.56 million shares of IVRCL via open market on April 2 and 3,' the company said. With these acquisitions Essel Group’s stake in IVRCL is higher than the promoters’ holding of 11.19%.
Last week, the group announced that it had raised its stake in IVRCL to 10.19% raised questions on whether this was a prelude to a takeover of the roads-to-townships builder.
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company through open market purchase, taking its holding to 12.27% from 10.19% earlier.
“Asian Satellite and Jay Properties, the two group investment vehicles of Essar Group have acquired additional 5.56 million shares of IVRCL via open market on April 2 and 3,' the company said. With these acquisitions Essel Group’s stake in IVRCL is higher than the promoters’ holding of 11.19%.
Last week, the group announced that it had raised its stake in IVRCL to 10.19% raised questions on whether this was a prelude to a takeover of the roads-to-townships builder.
....more info