ESSEL Group not to make open offer for IVRCL; stk slips
Shares of IVRCL were down on profit booking after ESSEL Group said that it will not be making an open offer to hike stake in the company.
By ET Bureau | Updated:
MUMBAI: Shares of IVRCL were down on profit booking after ESSEL Group said that it will not be making an open offer to hike stake in the company.
The stock had climbed in the past few sessions on buzz that the Essel Group, which has become the single largest shareholder of the company, may announce an open offer to buy more shares at Rs 110 per share.
IVRCL has been in the limelight since March 27, when Essel Group announced that it had acquired a 10.2 per cent stake in the latter through secondary market transactions.
The stock was at Rs 71.30, down 1.51 per cent on the BSE. It touched a high of Rs 74.10 and low of Rs 69.40 in trade so far.
The stock had climbed in the past few sessions on buzz that the Essel Group, which has become the single largest shareholder of the company, may announce an open offer to buy more shares at Rs 110 per share.
IVRCL has been in the limelight since March 27, when Essel Group announced that it had acquired a 10.2 per cent stake in the latter through secondary market transactions.
The stock was at Rs 71.30, down 1.51 per cent on the BSE. It touched a high of Rs 74.10 and low of Rs 69.40 in trade so far.
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