Essel Group increases stake in IVRCL

MUMBAI: The battle for management control between Hyderabad based infrastructure company IVRCL and media baron Subash Chandra's Essel Group has intensified with Essel group increasing its stake in by 2.8% taking its total holding to 12.27%.

The promoter E Sudhir Reddy currently holds 11.8%. Essel Group has bought an additional 55 lakh shares of IVRCL on April 2 and 3, through privately held arms. The IVRCL shares rose by 2.7% to Rs 71.2 on Wednesday.

Last month Essel group bough 10.2% in IVRCL from open market. SEBI in its new takeover code, which was came into effect last year, moved the trigger point for open offer to 25% from 15% and the mandatory open offer size to 26% from 20%.