IVRCL shares jumped nearly 7%, touching the monthly high of Rs64.40, after the company said that Essar Group has bought additional 5.31% stake in the company through open market purchase.
'Asian Satellite Broadcast Private and Jay Properties Private Ltd, both Essar Group companies promoted by Subhash Chandra have acquired 14.15 million shares representing 5.31% stake in the company on March 27, 2012 through secondary market transactions,' IVRCL said
After the acquisition a combined holding of Essar Group increased to 10.19% from 4.88% earlier. Essar Group has paid approximately Rs85 crore for additional stake, based on the closing price of Rs60.40 on March 27.
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'Asian Satellite Broadcast Private and Jay Properties Private Ltd, both Essar Group companies promoted by Subhash Chandra have acquired 14.15 million shares representing 5.31% stake in the company on March 27, 2012 through secondary market transactions,' IVRCL said
After the acquisition a combined holding of Essar Group increased to 10.19% from 4.88% earlier. Essar Group has paid approximately Rs85 crore for additional stake, based on the closing price of Rs60.40 on March 27.
....more info